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Gold technical analysis for August 24, 2015

Gold price remains in a short-term uptrend after closing above the weekly resistance levels. This bounce could bring price even towards $1,200 if price holds above $1,130. In the short term, I see a small triangle pattern being formed and I expect an upward break out to new short-term highs as the most probable outcome.


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Cyan lines - bullish channel

Gold price is trading inside an upward sloping channel and above the Ichimoku cloud. The trend is bullish for the short-term as long as price is holding above $1,130. In the short term, we see a triangle being formed. Triangle support is at $1,150 and resistance at $1,163.


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