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4/26/2016 3:18:03 AM

Gold pierces an upside trend line - Technical Analysis - 26-04-2016



Gold prices fell in the intraday levels, piercing the support of the main upward trend line in the medium and short terms as shown in the attached chart, while coinciding with another breach of the support of the SMA50, doubling the negative pressures on the coming trading, with an influx of negative signals from relative power indicators after reaching extremely overbought levels compared to gold's own movements.

Therefore we expect more losses to come for the precious metal, targeting the support of 1,209.00.


Target
Risk


Support
Resistance


Trend Bearish

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