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Gold – Break Below 1625 Opens up Key Support in 1525-1530 Area
Falling Channel: Gold price continued to fall within a falling channel as seen in the daily chart. The RSI reading has been tagging 30, and holding under 60, a sign of persistent bearish momentum. Entering the 2/15 US session, gold is testing its Dec low near 1625. Gold has been trading sideways since this low, and therefore a break below it can further confirm the bearish outlook. The bearish outlook has some room to go before hitting a key support in the 1525-1530 area, which is not only the May low, but also a support of a range that started in September 2010. In the big picture, gold has been consolidating since ... (full story)
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