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    Technical analysis of Gold for March 22, 2016 2016-03-22

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    Technical outlook and chart setups:

    Gold remains steady since yesterday, trading in a very tight range between $1,242.00 and $1,247.00 levels as depicted on the hourly chart. It is probably looking to unfold a flat (wave 4), before dropping lower towards $1,220.00/25.00 levels. The metal may rally towards $1,250.00 levels from here, and then reverse sharply lower. It is recommended to go short around $1,250.00 levels, or even higher, with risk above $1,273.00 levels. Immediate resistance is below $1,260.00 levels, while support is seen at $1,240.00 levels respectively. The metal should be targeting $1,190.00 levels at least till prices remain below $1,270.00 levels respectively.

    Trading recommendations:

    Looking to short around $1,250.00 levels, stop at $1,273.00, target is $1,190.00.

    Good luck!

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