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3/7/2016 1:45:22 AM

Gold dips on profit-taking - Technical Analysis - 07-03-2016



Gold prices fell in the intraday levels as traders take profits of the metal's previous short-term rises, with the overall guidance of the main upward trend, combined with ongoing positive pressure from the SMA for the last 50 days period, while the gold settled above the pivotal support of 1,138.50. The last dip comes as a way to vent off the overbought saturation apparent in relative power indicators, while the metal tries to gather positive momentum that could help it rise again.

Therefore we expect more gains to come for the precious metal as long as the support of 1,138.50 holds on, targeting the pivotal resistance of 1,168.30.


Target
Risk


Support
Resistance


Trend Bullish

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