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    Gold technical analysis for March 10, 2016 2016-03-10

    Gold price moved lower yesterday but remains above the critical and trend support. The levels of $1,225 and $1,240 act as support, especially the first one. So, as long as we are above that level, the price could push towards new highs.

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    Gold price is inside of a short-term bearish channel. The price is now testing the Kumo (cloud) in the 4-hour chart. This is a short-term support area. If the price breaks below $1,240, then the next support at $1,225 will be tested. And this is the most important support level. Resistance is seen at $1,252. Breaking above it will open the way for a push towards recent highs.

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