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Gold 30/07/2014
2014-07-30 15:50:20

 


Gold dropped sharply after failing to stabilize above 1305.00 but is still limited above the resistance of the downside move that started from 1345.10. The price also stabilized above 1292.65 represented in 50% correction showing on graph, in addition to stabilizing around the psychological barrier 1300.00.

AROON and MACD are showing negative signals, but we cannot bet currently on a downside move because stabilizing above 1292.65 limits the downside move. Therefore, we remain neutral in the European session waiting for new confirmation signals.

 
 
Support 1296.60 1292.65 1285.15 1280.25 1272.00
Resistance 1305.00 1309.35 1314.00 1318.10 1320.35
Recommendation
We prefer to remain neutral waiting for confirmation signals.

 



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