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Nov 08

TECHNICAL ANALYSIS BY NSFX 08.11.2013

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Gold is trading again above 1300 in area 1310, but still below the 22SMA that is working as a dynamic resistance. A breakout of this level will lift the shiny metal to 1328.02. Only a breakout of the double top in area 1361 will bring new buyers with first target price the 200SMA in area 1409.75. If the commodity will continue the downtrend that started at the end of October the first valid support should be yesterday low at 1296. Below it the metal could drop to 1251.

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