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Gold technical analysis for June 2, 2015

Gold price has bounced towards the short-term resistance at $1,200 as expected and got rejected. The price is below $1,190 again as bulls are not strong enough to break above $1,200. Support still holds the level of $1,180, but I do not believe it will last much longer. Time for a plunge towards $1,130-40 is getting closer.

 

 

 

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Gold price reached the cloud resistance and got rejected. The price is trading below the cloud confirming the short-term trend remains bearish. The red trend-line support at $1,185-80 remains intact as price is trading around it. There is no clear break of support yet.

 

 

 

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