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Gold Analysis: XAU/USD H & S on hourly charts, targets $ 1200 in near-term

Discussion in 'Technical Analysis' started by FXStreet_Team, Apr 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The XAU/USD pair (gold price in terms of USD) extended its bearish run for the third day in a row on Thursday, breaching the hourly 200-SMA support then located at 1235.54 to hit daily lows at 1223.80, before recovering some ground to close the day at 1229.30. The metal gave a daily closing below crucial 50-DMA support at 1232.50 and remained heavily offered, with the bulls failing to find support from poor US inflation report. The bullion took a beating for the third straight session on the

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