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Gold: Testing its Previous Low

Gold has erased yesterday's gains. Monitor the previous low at 1699 (24/10/2012 low). Another support is at 1686. A short-term resistance is at 1732 (23/10/2012 high).

The strong resistance area between 1791 and 1803, coupled with overbought conditions, favours a corrective phase. The strong support at 1647 is expected to hold though.

Gold is in a secular uptrend with strong support at 1523.

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