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Strong support for Gold seen at 1240/38
Commodity Online | July 12 2018
UPDATED 15:24:36 IST

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Strong support for Gold seen at 1240/38

By Jason Sen

Gold has strong support at 1240/38 coupled with important 200 week moving average at 1234/33...& I think 1234/33 will be tested before the weekend. If 1238/33 holds bulls are back in charge. A weekly close below 1230 is a very important longer term sell signal & should trigger significant downside pressure.

Gains are likely to be limited with minor resistance at 1246/47, 1251/52.

 

Silver bottomed exactly at the low at 1573. Below here is a sell signal targeting 1563/60. Not sure if this will hold either & a break lower is another important sell signal (& weekly close below tomorrow for confirmation) initially targeting 1540/37.

First resistance at 1600/02 then strong resistance at 1610/12. Try shorts with stops above 1620.

Courtesy: Day Trade Ideas

Commodity Arrivals Rate
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