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13.03.2015 03:04 AM
Technical analysis of Gold for March 13, 2015

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Technical outlook and chart setups:

Gold is still seen to be testing the back side of the resistance trend line, which should provide enough support around the level of $1,147.00. Yesterday, an indecision candlestick pattern (doji)was formed, indicating that a reversal could be on the cards. A bullish morning star pattern is seen to be quite encouraging today and fresh long positions can be initiated as well. We recommend to hold long positions with risk below the $1,130.00 level for now. Immediate support is seen at $1,130.00 while resistance is seen at the level of $1,220.00. A push through the $1,220.00/25.00 levels would confirm that a low is in place, however a drop lower below $1,130.00 should be extremely bearish for the yellow metal.

Trading recommendations:

Remain long for now, stop at $1,130.00, target is open.

Good luck!


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