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Spot Gold probes above hourly triangle resistance; focus at 1279/1282 targets

Discussion in 'Technical Analysis' started by FXStreet_Team, Mar 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    GOLD Spot Gold remains bullishly aligned and probes above the upper boundary of hourly triangle at 1272, formed on near-term consolidation off 1279 (last Friday’s fresh high). Near-term action remains underpinned by rising daily 5SMA, with fresh bullish signal being generated on yesterday’s positive close. Strong support zone lies at 1.1263/60, formed by hourly Ichimoku cloud top and rising 5SMA, which is expected to keep the downside protected, on corrective dips, signaled by overbought

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