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7th Nov 2014 XAU/USD Gold Analysis

7th Nov 2014 XAU/USD Gold Analysis

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A doji formed on the daily charts for Gold as the prices traded in a sideways range below 1150 and supported at 1138.5. A retracement towards the red resistance trendline will be sight to behold as bearish trend remains strong.

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No real impact data from the U.S side as market awaits patiently for the NFP later today to decide if bears reign over gold prices after falling from 1200

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After falling below 1165-1160 zone as marked by the trendline in blue, the moving averages slides lower and any breakthrough of the 20 moving average signals an intraday bull, but could be short lived if NFP posts better than expected U.S employment change.

Trend Direction
S3
S2
S1
R1
R2
R3
Entry
Stop Loss
Exit
Slight Bearish111211271138115011601165

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.

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