XM Group - Analytics

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    Technical Analysis – Gold extends decline to 5-year low

    Gold fell to fresh 5-year lows early on Wednesday, touching 1064.50, the lowest since February 2010. Technical signals both on the daily and weekly charts are bearish, giving little scope for a shift in the bias.

    On the daily chart, the tenkan-sen and kijun-sen lines are negatively aligned and prices have fallen below the Ichimoku cloud, supporting a bearish bias.

    The market remains strongly bearish below the key 1200 level and below the 61.8% Fibonacci retracement of the 681.43 – 1920.80 (Oct 2008 – Sept 2011 ) rise. This 61.8% Fibonacci lies at 1165.20 and is a strong barrier to the upside. Prices have scope to fall towards the 76.4% Fibonacci at 959.13.

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