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2/8/2016 4:17:02 AM

Gold keeps rising - Technical Analysis - 08-02-2016



Gold prices rose in the intraday levels and short term trading, breaching the important resistance of 1,160.32, which represents the ratio 38.2% of Fibonacci retracement levels for a descending wave in the long term (from 1,344.87 to 1,046.25), with ongoing positive support from the SMA for the last 50 days period, opening the door for more gains as long as gold trades above that levels, along with an influx of positive signals from relative power indicators.

Therefore we expect more gains to come for the precious metal, targeting the resistance of 1,195.56, which represents the ratio 50% of the same retracement levels.


Target
Risk


Support
Resistance


Trend Bullish

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