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    Gold- Fundamental vs Technical Analysis

    The precious metal could face higher volatility as we approach towards the Friday’s US non farm payroll number. As we mentioned in our morning notes, the expectations are that we may actually see a weak number which could push the dollar lower against the yellow metal. The US factory orders data which is due today could set the stage for the lower dollar which is a positive sign for gold.
    Having said that, we do need the gold price to stay above the 1170 level in order for the uptrend to continue. The major resistance is near the 1240 and a break of this will further strengthen the uptrend. On the flip side if we do break the 1170 level, which does not look likely, all bets are off and we could be heading towards the 1138 mark.
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