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Gold Supported at 20 day Average

Gold Supported at 20 day Average

2011-03-11 15:54:00
Jsaettele,
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Weekly Bars

eliottWaves_gold_2_body_gold.png, Gold Supported at 20 day Average

Prepared by Jamie Saettele

Gold has made an outside week, further bolstering the near term bearish bias. Price is holding its 20 day average but a break would shift focus to the 1380/90 area. 1393.37 is the 38.2% retracement of the advance from 1308.70 and 1392.20 is a former pivot low. 1380 is the 50 day average.

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