GOLD Weekly Technical Analysis

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GOLD Weekly Technical Analysis

( Duration 9 to 13 March 2015)

Gold fell rapidly after NFP news released. 1190 level was support for gold. After break this level, it fell sharply. We can see that this gold is following a down trend line. Last week it touched that line at 1223 and rejected from that level. It continued its downward rally. Further downward movement can be expected in the coming trading days. 1130-1140 level is very important support area. If gold can break this support we can expect more down on it. As gold down 300+ last friday, we need to wait for some retrace to take sell entry. 1190-1195 area will be good sell zone.
Weekly Trading Levels
Strong Sell  : 1230
Normal Sell : 1195
Take Profit   : 1180
Normal Buy : 1150
Strong Buy  : 1130
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