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Gold Former Supports at 1625 and 1605 in Play

Gold Former Supports at 1625 and 1605 in Play

2012-03-14 21:21:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gold_body_gold.png, Gold Former Supports at 1625 and 1605 in Play

Prepared by Jamie Saettele, CMT

Gold is on track for its largest 1 week decline since mid December. Short term resistance is just north of 1650 and shorts are favored against 1685 (Wednesday high). Downside levels of interest for the rest of the week are former pivots at 1625 and 1605.

Bottom Line (next 5 days) – lower?

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