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Aug 07

TECHNICAL ANALYSIS BY NSFX 07.08.2013

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Gold yesterday broke the trend line that gave confidence to the bear market rally of the shiny commodity. This morning is testing the 200 periods simple moving average on the 4 hours time frame as a resistance the price area is 1283.  Just above a pullback beneath the demand line can be likely for testing market condition at a price level  near  1300, that it is also a psychological threshold.  Just a confirmation above 1350 can be considered a medium term bullish market.  A short term support can be considered at 1266 where previous price spike made it both a resistance and support level.  1236 is another support for the same reason.  And considering the high volatility of gold another test of area 1182 is not to be underestimated.

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