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23.07.2012 10:32 AM
Gold Bearish Below 1600/20 Levels.

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Technical Outlook and Chart Setup:
The structure remains same as last week. It is pretty clear that until the time prices stay below 1600/20 levels, we should expect a bearish breakdown. Immediate resistance is placed at 1600.00 level for now, while support comes in at 1540/50 levels. It is recommended to trade/sell intraday rallies towards 1590/1600 for an expected breakdown.
Trading Recommendations:
Hold on to short positions and sell intraday rallies as close to 1600. Target Open.

Good Luck!

Summary
Urgency
Analytic
InstaForex Analyst
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