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Gold Analysis: XAU/USD likely to test $ 1200 on a break below 50-DMA

Discussion in 'Technical Analysis' started by FXStreet_Team, Apr 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    On Friday, XAU/USD (gold price in terms of USD) failed once again near the falling trend line resistance placed near $ 1238 reached and witnessed massive sell-off thereon, driving the prices below the crucial 50-DMA support located then at $ 1212.68. The prices consolidated in a $ 5 narrow range almost through the European afternoon and finally broke to the downside after US jobs data surprised to the upside, with the payrolls data showing 215k jobs additions in March, against 206k expected

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