GOLD: Weakens, Bears Dominate Price Action.

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By Mohammed Isah | November 5, 2012 5:53 AM EST

GOLD: GOLD continues to weaken selling off strongly through the 1,698.00 level and opening the door for additional downside pressure. In such a case, the 1,667.00 level will be targeted with a cut through here allowing for more declines towards the 1,640.45 level. Further down, support lies at the 1,600.00 level where a respite is likely to occur. On the upside, the commodity must overcome its resistance the at the 1,698 level to reverse its current bearishness. This if seen will call for a run at the 1,750.00 where a violation will call for a move higher towards the 1,795 level. A violation of here will resume its medium term uptrend towards the 1,800.00 level. Further out, resistance comes in at the 1.850 level where. All in all, GOLD continues to hold on to its bearishness as it looks to weaken further in the days ahead.

 

For more forex information, go to www.fxtechstrategy.com

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For more forex information, go to www.fxtechstrategy.com

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