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13 Feb 2013
Gold prices trading at $1647.04
Gold prices touched the awaited resistance level at 1653.00 earlier today, though the currently pricing action is attempting to move lower again at the time of writing. “By touching this level the metal activated our previous bearish scenario, which will be likely so long as 1653.00 is limiting a further incline. What is particularly concerning is the price ability to retreat back and close above 1647.00 support level yesterday, forming a hammer candlestick pattern.” warns the Technical Analyst Team at ICN.com
According to the ICN.com analysts, “We remain in favor of the bearish scenario, with a tight stop just above 1660.00 level.” Indeed, gold prices have presently settled in negative territory at USD $1647.04, down $-1.66 Wednesday. Supports can be located at the 1647.00 level, onto 1635.00 and finally 1625.00. On the ascension, gold prices will encounter measures of resistance at 1653.00, then 1660.00, followed by 1666.00.
According to the ICN.com analysts, “We remain in favor of the bearish scenario, with a tight stop just above 1660.00 level.” Indeed, gold prices have presently settled in negative territory at USD $1647.04, down $-1.66 Wednesday. Supports can be located at the 1647.00 level, onto 1635.00 and finally 1625.00. On the ascension, gold prices will encounter measures of resistance at 1653.00, then 1660.00, followed by 1666.00.