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TDS Chart analysis: Gold’s inability to top $1,800 looking ‘costly after all’

Posted on 16 October 2012

Gold’s inability to push above $1,800 an ounce and test old highs is starting to look “costly after all,” at least in the short term, say technical analysts with TD Securities. “The strong rejection of $1,800-plus levels—reflected in the bearish key reversal day (new high, lower low and lower close) that formed on Oct. 5th–suggests a firm cap in place for now in gold,” TDS says.
“Trend strength indictors are flipping over to bearish from a short-term point of view, suggesting that the correction lower may have further to run lower.” Retracement support derived from the $1,530-$1,800 rally since mid-year is providing some underpinning for now, with the initial 23.6% Fibonacci retracement converging with a minor congestion area in the $1,730-35 region, TDS says………………………………………..Full Article: Source

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