06.06.2014 - Sell gold if it rallies to $1,267-70
Comex gold futures are seen consolidating in a broad range moving with a bearish bias. As mentioned in the previous update, prices could further accelerate towards $1,245 or even lower to $1,220-25. An immediate target is around $1,220-25 levels. Failure to find support here could be seen a sign of weakness further denting sentiment. Subsequently, prices have the potential to even test $1,185-90 range. Mild oversold conditions prevailing in charts could see a pullback to resistances in the coming week. Resistances will be seen at $1,260 followed by $1,278 now. Only a move above $1,285 could lessen the chances of the expected decline to above mentioned levels...............................................Full Article: Source
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