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01.07.2014 04:29 AM
Intraday analysis of Gold for July 01, 2014

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The downbeat US data made the US dollar slide more. The yellow metal took this advantage and moved to a two-month high, but was unable to cross the trend reversal level at $1,330.70 levels. In Asia's session the metal opened in a slight bullish trend, lower at $1,325.50 levels. We recommend to buy at cmp targets $1,331 for $1,334.60, $1,342.10 initially and later $1,360 levels. The metal has a neckline at $1,360 levels, if we get an upside breakout, we can see $1,600 in the short term, this view is valid until the metal holds the classic bottom at $1,180 levels.

1433.30-1180= 253.30

253.30+$1,360= $1,613

Intraday-

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We recommend to buy at cmp for $1,330.60 and $1,334 levels. We can see some weakness below $1,325.

Buy with sl $1,325 for targets $1,330.60, $1,334 cmp $1,326.

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