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    Technical analysis of gold for January 05, 2015

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    Technical outlook and chart setups:

    Gold has once again bounced off the support region around $1,260.00/70.00 as expected, on Friday. The metal is trading at $1,193.00/94.00 levels at the moment and is expected to cross $1,210.00 levels as immediate short term target. It is very much recommended to hold long positions and also look to add further. The immediate support level is seen at $1,170.00, followed by $1,166.00, $1,143.00 and lower, while resistance is seen at $1,210.00(interim), followed by $1,235.00, $1,255.00 and higher respectively. Bulls seem to be very much in control for now and a break above $1,210.00 levels would confirm that they are here to stay back.

    Trading recommendations:

    Remain long, also look to add further, stop below $1,250.00, target is open.

    Good luck!

    Uitgevoerd door, Analytische expert
    InstaForex Group © 2007-2015

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