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    Technical analysis of Gold for October 13, 2015


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    Technical outlook and chart setups:

    Gold has begun retracing for now before pushing through fresh high at the $1,192.00 levels. The metal is trading around the $1,158.00 levels for now and could be forming a base at the $1,125.00/30.00 levels, which is Fibonacci 0.618 support of the rally between $1,104.00 and $1,169.00. The metal remains a candidate to be bought at lower levels, and hence it is recommended to remain long and look to add further. Immediate support is seen at the $1,140.00 levels followed by $1,130.00, $1,100.00 and lower, while resistance is seen at the $1,170.00 levels and higher.

    Trading recommendations:

    Remain long for now, stop is at $1,100.00, target is open.

    Good luck!


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