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Saturday, December 21, 2013

DAILY FOREX POST – GOLD DECEMBER 20, 2013

GOLD Technical view

SPOT GOLD Previous day OHLC
OpenHighLowCloseChange
1217.461226.261187.101189.60-28.02
Today's Support and Resistance
Resistance
Support
R31265.00
R21236.00
R11216.00
S11186.00
S21180.00
S31165.00
Spot gold ended the session on Thursday with losses of 2.29%, extending its losses to the third successive session and closing near its 41- months lows. The precious metal rebounded after grazing crucial near term supports at 1180.00- 1186.00; bottom end of the medium term bullish channel. Near term, the losses could be capped at 1180.00- 1190.00 and a bounce back to 1220-00- 1240.00 cannot be ruled out. However, close below 1180.00, the losses could extend to 1165.00, the final barrier before spot gold could slide to 1000.00- 1050.00 per troy ounce; targets for the symmetrical triangle in a downtrend

TREND DIRECTION

  • Short term: Bullish
  • Medium term: Bearish
  • Long term: Bearish

TRADING RECOMMENDATIONS

  • Short:

    • N/A
  • Long:

    • At 1184.00 with a stop at 1176.00 for a target of 1210.00

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