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    Gold technical analysis for March 23, 2016 2016-03-23

    Despite an early breakout above the short-term resistance in Gold price, sellers pushed prices below support canceling the bullish scenario for a new high towards $1,300. As we said in our previous analysis, a rise from $1,045 can be completed. So we must focus on the bigger picture.


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    Gold has made a new lower low after a lower high yesterday. It has also broken below the Kumo (cloud) on the 4 hour chart. Price is now testing the lower channel boundary. The entire rise from $1,045 is most probably over, so we should expect to see a pull back towards $1,150-$1,190.


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