Pivot: 1488.
Our Preference: Bearish below 1488 with targets @ 1265 1150 in extension.
Alternative scenario: An upside breakout of 1488 would open the way towards 1550.
Comment: the descending 50-day moving average suggests that gold prices still have potential for a decline.
Trend: ST Bearish; MT Bearish, we have been bearish since 21 DEC 2012 (1667).
Key levels Comment
1620 Horizontal resistance
1550 Horizontal resistance
1488 Pivot point
1367 Last
1265 Horizontal support
1150 Fib retracement (61.8%)
1050 Horizontal support
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