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FX.co ★ Technical analysis of Gold for October 20, 2014

Technical analysis of Gold for October 20, 2014

Technical analysis of Gold for October 20, 2014

The yellow metal was rejected at 50Dsma, a high made at $1,249.30. The metal has been making lower highs for 3 days. Today, as of now it made a low at $1,234.30, trading above previous lows. The weekly support level is at $1,221.00 levels (20Dsma). In case of a daily close below 20Dsma, the bears again take the metal into their control for a downside target at $1,217, $1,215, $1,209 and $1,200 levels. We can see panic selling below $1,217 levels. For an intraday view, the prices are well supported by 34hrsma at $1,234.00 levels. We recommend selling below $1,234 and safe selling will be triggered below $1,231 for targets at $1,227 levels. For bulls, we recommend buying only above $1,238.00 levels for targets at $1,241-$1,242, strong rising is expected only above $1,242.00 levels. In case, if the metal successfully trades above $1,242 it can fly up to $1,252 and $1,268 levels.

Selling, below $1,234, safe selling, below $1,231.

Buying, above $1,238, strong upward momentum, above $1,242.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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