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17 Mar 2014
Flash: Gold, next profit taking area circa $1,421.00 - 2ndSkies
FXStreet (Bali) - According to Chris Capre, Founder at 2ndSkies, next key resistance where gold bulls are likely to take profits is seen at 1421.
Key Quotes
"Taking a step back and looking at the weekly chart, gold has gained 6 weeks straight, and 11 of the last 12, gaining 18% in the process. Next on deck is the 1421 resistance which held back gains back in May and August of last year."
"Bulls already long should look to take some profits just shy of the level, as I suspect bulls will pare some longs prior. Traders wanting to get long can look for corrective pullbacks towards 1360 and 1353. Bears, meanwhile can look for price action signals to sell at this level."
Key Quotes
"Taking a step back and looking at the weekly chart, gold has gained 6 weeks straight, and 11 of the last 12, gaining 18% in the process. Next on deck is the 1421 resistance which held back gains back in May and August of last year."
"Bulls already long should look to take some profits just shy of the level, as I suspect bulls will pare some longs prior. Traders wanting to get long can look for corrective pullbacks towards 1360 and 1353. Bears, meanwhile can look for price action signals to sell at this level."