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1/14/2016 2:20:16 AM

Gold retests a crucial resistance - Technical Analysis - 14-01-2016



Gold prices gained ground in the intraday levels, retesting the crucial resistance of 1,092.41, which represents the base of a negative technical pattern formed previously in the short term, the Double Top pattern as shown in the attached chart, which then bounced the precious metal downwards at today's morning, along with a forming of a negative divergence at the Stochastic indicator as shown below the attached chart.

Therefore, if the resistance of 1,092.41 held on, we expect gold to devalue in the coming trading, targeting the support of 1,076.40 as a target price for that forming technical pattern.


Target
Risk


Support
Resistance


Trend Bearish

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