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04.09.2014 08:00 AM
Technical analysis of Gold for Sep 04, 2014

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Technical outlook and chart setups:

1. Gold has formed lows yesterday around the $1,260.00/61.00 levels and is seen to be preparing for an extended rally here towards the $1,430.00 level. A morning star bullish reversal signal is expected today on the daily chart view. It is recommended to initiate long positions at the current levels, risk remains at $1,260.00.

2. Support is seen at $1,260.00, followed by $1,240.00 and lower while resistance is seen at $1,296.00, followed by $1,325.00, $1,340.00 and higher respectively.

3. The structure indicates that Gold should turn bullish from the current level of $1,272.00/73.00.

Trading recommendations:

Remain long, stop at $1,259.00, the target is open.

Good luck!

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