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Nov 05

TECHNICAL ANALYSIS BY NSFX 05.11.2013

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Gold yesterday traded in a range and closed at the same level of the opening at 1314.55, below the 21SMA.  Today the shiny metal tried to rise above the 21SMA but did not have success but if it will the next resistance would be at 1330 and then the October top at 1361.6. The most important test in case of a gold rally would be the 200SMA in area 1415.72. If sellers would be in control of the market the metal could drop to 1300 first and if this psychological level will fail to act as resistance the shiny metal might test 1251.

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