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| Technical Analysis for Gold 1-7-2015 |
Gold opened today's trading at 1172.70 volatile between 1172 and 1175 during the Asian session trading at 3 dollars for the poor liquidity in the market range.
Gold moves in a series of up impulse waves after breaking the parallel price channel.
We saw the pair went up to trade close to our target at 1170
It is expected that the yellow metal is heading targeting 1163 as the target on time frame of four hours and till now we see the Bears control on market direction and the Bulls waits the first Support Level to enter the market
And the Relative Strength Indicator "RSI" show us distribution operations at the market
Today we could see sharp trading because of the economic data from USA
Support levels: 1164.99 and 1158.94 and 1151.24
Resistance levels: 1178.74 and 1186.44 and 1192.49
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