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02.05.2014 11:47 AM
Gold technical analysis for May 2, 2014

Gold price remains weak. It continues to slide lower towards important daily support of $1,275 and towards intraday support of $1,268. Gold price remains below the red downward sloping trend line resistance and below the Ichimoku cloud.

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The trend remains downward. If Gold price does not break above $1,300, we should expect the price to break recent lows and move towards $1,250 or even $1,200. So we prefer short positions with $1,300 stop reverse. If resistance at $1,300 is broken, we should expect the recent highs at $1,331 to be challenged.

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The daily chart above shows that price is holding above support for now, but it is getting really close to breaking below it and opening the road towards $1,200. If support holds, we should expect a bounce towards $1,310 at least.

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