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Gold breakdown offers opportunity

Gold breakdown offers opportunity

David Rodriguez, Head of Product

Gold is testing a key trendline as it's remained in 'neutral' territory for its longest stretch since 2010. A breakdown targets a much larger decline and a resumption in the multi-year downtrend. I like getting short on a daily close below $1150 with initial targets at March, 2010 lows of $1040. Max risk on the position would be a daily close back above key trendline support at $1150.

Comment and view the chart live update here at this link: http://www.dailyfx.com/charts/tradingview/view?id=kuPrcaGM

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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