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08.07.2014 02:56 PM
Technical analysis of Gold for July 08, 2014

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Technical outlook and chart setups:

1. Gold is expected to reverse from around $1,328.00 levels and continue correcting till around $1,286.00 levels as seen here. The metal could continue its rally from lower levels, as depicted here. Recommendations are to remain short for now, risk remains around $1,335.00/40.00.

2. Support is seen at $1,260.00, followed by $1,240.00/30 and lower while resistance is seen at $1,332.00, followed by $1,350.00/60.00 and higher respectively.

3. The structure indicates that currently Gold is to be bought on dips.

Trading recommendations:

1. Aggressive setup is to remain short, stop at $1,340.00, target $1,285.00

2. Conservative setup is to buy lower from $1,285.00.

Good luck!

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