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Aug 28

TECHNICAL ANALYSIS BY NSFX 28.08.2013

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Gold now is up 0.66% and it touched the dynamic resistance that in this case is the higher band of the channel. If should go above 1484 then the supply line and the 200 SMA would be test for the metal. A breakout of those level would mean simply one word: bull markets. Of course, the speed of recover from the lows in June was impressive and many traders would be ready for a profit taking decision. A lateral trading environment could be possible but in case of a  breakout of the descending trendline the long term target would be in the 1800 area. Only below 1340, a level where there is a coincidence of both dynamic and static support, sellers could be in control again.

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