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Mar 06

TECHNICAL ANALYSIS BY NSFX 06.03.2016

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On the weekly chart the commodity made a breakout on the higher side of the symmetrical triangle and  it may test  area 1310. In case the positive trend should continue the shiny metal can test its 200 week MA in area 1,340. The most important resistance of this short term trend could be long term supply line generated back in 2011. Below area 1,130 Gold may test again the multiyear low in area 1,045 and beneath this area the psychological level 1,000. The RSI (14) indicator is nearly overbought.

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