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Friday, March 26, 2010
Gold in a head and shoulder
Gold in a head and shoulder
Gold is in a head and shoulder formation with a target of 15900.
However the target most likely won’t reach in a liner fashion as there Is a support at 16285. And the prices can rise towards the neckline of the pattern which is at 16480, this level of 16480-16500 is a strong resistance as seen in the candle chart, it is also the neckline of the formation and also the 23.6% retracement from high of 18000 odd to lows of 15950.
Thus the area of 16480-16500 becomes a crucial resistance point.
If gold does break the support of 16285 straight away then it can move fast towards the target of 15900-16000.
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