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13.02.2014 12:52 PM
Gold technical analysis for February 13, 2014

Gold price got very close to our first target of $1,300 yesterday. Gold price made a high at $1,296,75 and pulled back lower. We could see a new higher high today towards $1,300, but the form of the rise and the angle prices is rising that makes me believe that we may see soon an important pullback before moving higher towards $1,320.

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Short-term support is found at $1,284 and short-term resistance is at $1,300. The trend remains up but Gold price is getting close to important resistance. This means that we should start thinking of taking profits and reducing our bullish exposure to Gold.
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The daily chart shows how close Gold price has gone to our target. The angle of the rise is very steep and we should expect a day or two of consolidating sideways movement or even a pullback towards $1,250-60 which is important support. Concluding, although the trend remains bullish, we prefer to minimise exposure as a pull back is very possible during the next couple of days.
Alexandros Yfantis,
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Alexandros Yfantis
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