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Aug 29

TECHNICAL ANALYSIS BY NSFX 29.08.2013

By:

High:  Low: 

Gold today is losing ground after the price found resistance against the higher band of the channel and the candle shape was a reversal with no body, the close equal to the opening in the lower half, or “Doji”  as technical analysts say. 1400 support likely to be broken and price could fall to 1360 area and find dynamic support supplied by the moving averages. Below 1342 there are two scenarios: a selloff of the metal or a trading range trading environment. In case the reversal pattern should fail 1500 can be reached in a short time frame.

R3
R2
R1
S1
S2
S3