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2/11/2016 2:34:29 AM

Gold returns higher - Technical Analysis - 11-02-2016



Gold prices returned higher in the intraday levels, succeeding in breaching the important resistance of 1,195.56, which represents the ratio 50% of Fibonacci retracement levels for a descending wave in the long term (from 1,344.87 to 1,046.25), amid a series of successive rises in the short term, and positive pressure from the SMA50, along with a venting-off of overbought saturation apparent in relative power indicators and the gold's continuing advance, adding to the list of positive pressures.

Therefore we expect more gains to come for the precious metal, targeting the pivotal resistance of 1,230.80, which represents the ratio 61.8% of the same retracement levels mentioned earlier.


Target
Risk


Support
Resistance


Trend Bullish

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