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    Technical analysis of Gold for March 10, 2015

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    Technical outlook and chart setups:

    Gold is dropping below the level of $1,160.00 for now and could possibly test the $1,145.00 level before turning bullish again. The metal is trading lower than expected and is penetrating below the resistance turned support trend line. A quick bullish turn around would be required to ensure that the structure remains intact. Immediate support is seen at $1,145.00 followed by $1,130.00 while resistance is seen at $1,220.00, followed by $1,285.00 and higher respectively. A break below $1,130.00 could be extremely bearish and the yellow metal could drop towards the level of $1,030.00 before reversing.

    Trading recommendations:

    Remain long with stop at $1,130.00 OR Remain flat.

    Good luck!

    Uitgevoerd door, Analytische expert
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