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Aug 03

TECHNICAL ANALYSIS BY NSFX 03.08.2014

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Gold closed below 1300 but above the 200SMA. If the retracement should continue it might test the demand line that was generated last December. Below this dynamic support the commodity might test 1220 and then the multiple bottom at 1182.  A consolidation above 1300 could lift Gold to 1345 and then to test the supply line that links lower highs. 1433 area could be considered a target in case of a medium term bullish scenario.

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