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Spot gold quoted at $910.35 an ounce at 10.59GMT
Spot gold bullish on the intraday hourly charts above $900 and $875 an ounce , having last week Thursday broken a longer-term downtrend. The upside is however seen capped by a previous medium term (daily) trend support, which now acts as decent resistance, situated near $916.00 an ounce.
A break above this $916 an ounce level would convince further upside is in place, eyeing a target of $950 an ounce and with marks at $930 and $940 an ounce in-between.
On the downside, a move below $906 an ounce would re-activate $900 an ounce, after which $887 an ounce and $875 an ounce follow. Below the latter level would offset the current up-move and open for a re-test of $850 an ounce support.
Support-Resistance Overview:
$850, $856, $860, $862, $867, $870, $873, $875, $880-$882, $885, $887-$889, $890, $893, $898, $900, $906, $910, $910.35 (10.59GMT), $914, $916, $920, $923, $925, $930, $935, $940, $950 |
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