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Nov 04

TECHNICAL ANALYSIS BY NSFX 04.11.2013

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Gold today is trading below the 21SMA  and 1300 area is not far. If the shiny metal should drop below this level area 1290 would be the first test and 1250 area could be a valid short term support. In case a rally should occur, after 4 consecutives losing days, the commodity could test 1330 first, then 1361 area. 1416 is the intermediate price target, a coincidence of the 28th August top and the 200SMA.

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