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4/28/2016 3:36:05 AM

Gold attacks an important resistance - Technical Analysis - 28-04-2016



Gold prices rose in the intraday levels, with ongoing positive support from the SMA50, while attacking the important resistance of 1,255.01, which represents the ratio 61.8% of Fibonacci retracement levels for a descending wave in the short term (from 1,284.17 to 1,207.83), with an influx of positive signals from relative power indicators.

Therefore we expect more gains to come for the precious metal, especially if it breached the resistance of 1,255.01, targeting the next resistance at 1,267.83, which represents the ratio 78.6% of the same retracement levels mentioned earlier.


Target
Risk


Support
Resistance


Trend Bullish

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