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27.08.2014 08:30 AM
Intraday trading recommendations on GOLD for August 26, 2014

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The yellow metal ran up to $1,290 and closed at $1,280.60. It has been consolidating for the last 5 days. Today, the metal opens above previous close, which resulted in strong opening. It is facing strong resistance at $1,285 on closing basis. As we recommended yesterday, the metal touched our targets and came back.

If a daily close is above $1,285, the near-term sharp run will take place. - pending

If it closes above $1,285, it can fly up to $1,295, 1300, and 1306 in the near term.

For an hourly trading view, the metal prices are closed above key hourly moving averages. The metal has support at $1,282, $1,279.80, and $1,276.50.

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