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Feb 08

TECHNICAL ANALYSIS BY NSFX 08.02.2015

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Gold last Friday retraced below 3 important supports: the 200SMA, the 55EMA and the dynamic trendline  generated twelve months ago as well. Below the demand line that links higher lows the commodity might test the multiyear low at  1131. Below this level another bearish wave might occur and the shiny metal might drop to 1070. Above the short term dynamic resistance generated the 22nd of January the commodity might test 1310 and then 1347. Volatility still above the 2014 average but below the peak of the spring 2013. ATR thus might keep its current level, typical of a market that is quite nervous.

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