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Bullion Weekly Technicals 28 January 2014 |
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No daily close above this resistance zone has been made, though, which means that we keep our neutral outlook.
The non-confirmation of recent gold strength by the silver price, which hasn’t significantly risen, also makes us weary of this latest advance in the gold price.
Only a daily close above this week’s 1279.13 high will make us change our forecast to a bullish one. In this case the area seen between the 200 day moving average at 1317.88, the July peak at 1349.31 and the mid-September and October highs at 1362.23/1375.37 will be in focus.
Should the gold price be rejected by resistance at 1260.60/1279.13, though, a retest of the 1225.00/1211.57 (early December low) looks to be on the cards.
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