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28.02.2014 05:12 AM
Technical analysis of Gold for February 28, 2014.

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Technical outlook and chart setups:

1. Gold is pulling back towards $1,336.00/38.00 levels at the moment. Please note that these are intraday/interday resistance levels and recommendations are to initiate short positions there. Risk remains at $1,348.50.

2. Immediate resistance is at $1,361.00, followed by $1,375.00, while supports are spread through $1,307.00, $1,230.00/20.00, $1,210.00 and lower respectively.

3. The structure reveals that an intermediary top might have formed ahead of major resistance at $1,345.00 now. Implications are for a meaningful retracement towards $1,280.00/70 or lower.

Trading recommendations:

Initiate short positions between $1,336.00/38.00, set stop at $1,348.50, target is at $1,287.00.

Good luck!

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