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GOLD Technical Analysis (5-9 January,2015) | January 3, 2015
GOLD rejected from its near term support and formed bullish pin bar on daily chart. It is following a triangle. It failed to break 1170 support area and it also closed avobe 1180 level. So it is showing some bullish power on daily chart. Next target for gold will be 1210-1215 area.
On the other hand, it break 1170 area, then we can sell on gold and target will be 1145-1150 area. Gold is on downtrend, so if we see some retracement on gold, and formed any bearish signal on 1210-1220 area, then we can take sell from that resistance level.
Weekly Pivot, Support and Resistance
Resistance Two (R2): 1231
Resistance One (R1): 1209
Pivot Point: 1188
Support One (S1): 1166
Support Two (S2): 1145
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