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21.04.2014 01:47 PM
Technical analysis on Gold for April 21, 2014

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Technical outlook and chart setups:

1. Gold remains in control of bulls till it remains above $1,277.00 level for now. Prices are retracing at the moment and expected to resume rally towards at least $1,350.00/60.00 levels, if not higher. Recommendations are to remain long for now, risk remains at $1,275.00.

2. Support is at $1,277.00 (intermediary), followed by $1,230.00/40.00, $1,210.00 and lower while resistance is at $1,330 (temporary), followed by $1,350.00/60.00, $1,388.00 respectively.

3. The structure indicates that gold rally could resume any time till prices stay above $1,277.00. Buying on dips remains the trade strategy for now.

Trading recommendations:

Remain long, stop at $1,275.00, target is open.

Good luck!

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