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2/17/2016 2:35:49 AM

Gold amid negative outlook - Technical Analysis - 17-02-2016



Gold prices closed lower again with ongoing negative pressure from the SMA50, while the metal settled below the pivotal resistance of 1,209.38, representing the ratio 38.2% of Fibonacci retracement levels for an ascending wave in the short term (from 1,122.22 to 1,263.26), while being affected by breaking through the upward short-term trend line as shown in the attached chart, and finally, the start of a forming negative divergence in the Stochastic indicators as shown below the attached chart, doubling the negative pressures in the coming trading.

Therefore we expect more losses to come for the precious metal, targeting the support of 1,192.74, which represents the ratio 50% of the same retracement levels, readying to break it.


Target
Risk


Support
Resistance


Trend Bearish

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