Gold - Bouncing Near The Support at 1147.72

By: MIG Bank | Thu, Mar 12, 2015
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Gold has bounced near recent lows at 1147.72. The declining trend-line continues to favor a bearish bias. A key support can be found at 1132 (07/11/2014 low). Resistance stands at a distant 1200 (06/03/2015 high).

In the long-term, the break of strong resistance at 1255 (21/10/2014 high, see also the 200-day moving average) indicates an improving technical structure. However, the shape of this advance still looks like a counter-trend move within an underlying downtrend (see declining channel). A key support stands at 1132 (07/11/2014 low).

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Author: MIG Bank

MIG Bank

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