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Gold Technical Analysis

(1561,00) GOLD confirmed is finding some support above our stop at 1550,50. In the s/t only an hourly closing above 1567,00 will support higher levels suggesting a 1580 overshooting toward our s/t target. The indicators of the daily chart are still negative while those of the s/t ones are still showing a mixed picture suggesting further consolidation/ correction. Since yesterday the move up has slowed if not even already stalled. We try staying log for now. A break below 1550 will already confirm a negative reversal with potential target at 1522,10!! An hourly closing above 1565 will favour a little higher levels confirming also a positive reversal in the hourly.
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