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09.01.2015 04:46 AM
Technical analysis of gold for January 09, 2015
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Technical outlook and chart setups:

A daily chart view has been depicted here again for a larger view of wave structures. Gold had bounced off the support from $1,170.00 levels and reached $1,220.00/23.00 levels before pulling back. At the moment, the metal can be seen testing a dropping resistance trendline. A bullish bounce from current levels could possibly push the metal higher into $1,235.00 and higher levels. Another possibility still remains for a drop into $1,190.00 levels before rallying further. It is recommended to remain flat for 1-2 days and watch out for a reaction at the trendline. Immediate support is at $1,200.00 levels followed by $1,190.00 and lower while resistance is seen at $1,235.00 levels, followed by $1,255.00 and higher respectively.

Trading recommendations:

Remain flat for now. Look to buy lower.

Good luck!


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