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Gold breaks support on hourly chart and scoots lower
Gold has moved below trendline support on the hourly chart and scooted lower (see chart above). The high for today’s trading remained both the 100 (blue line in the chart above) and the 200 bar Moving Averages (green line). This kept the bears in charge. When trendline support was broken, the pair had only one way to go….down. The pair is now approaching the key support on the daily chart at the 1472.96 level which is the 38.2% of the move up from the 2011 low to the high reached in early May. Look for some profit taking support against this level. A move below this level, however, should trigger stops and will ... (full story)