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Gold - The Symmetrical Triangle Has Been Broken to The Downside

Gold has broken the support implied by its recent low at 1273 (21/08/2014 low, see also the symmetrical triangle). An hourly support lies at 1258 (17/06/2014 low), while a more significant support stands at 1240. Hourly resistances can be found at 1280 (27/08/2014 low) and 1297 (28/08/2014 high).

In the long-term, we are sceptical that the horizontal range between the strong support at 1181 (28/06/2013 low) and the major resistance at 1434 (30/08/2013 high) is a long-term bullish reversal pattern. As a result, a decline towards the low of this range is eventually favoured. The recent break to the downside out of the symmetrical triangle confirms this scenario.

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