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Aug 22

TECHNICAL ANALYSIS BY NSFX 22.08.2013

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The FOMC minute create an intraday  unclear picture for gold.  With a wider prospective a retracement to 1340 area would be seen like a pullback and a test of the 21SMA and 55EMA will catch attention of fund managers.  Just below 1272 market sentiment could turn negative.  Significant resistance in area 1424 and target price of the rally in area 1510.

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