EUR/USD: Gold Prices Continue to Fade at Resistance at 1672

By: MIG Bank | Wed, Aug 29, 2012
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Gold has not been able, thus far, to break its resistance at 1672. Despite the upside potential at 1730 (implied by the bullish breakout from the symmetrical triangle), we favour a short-term pullback towards the support at 1635.

The key support at 1523 has held. Still, the long-term succession of lower highs since the 6 September high (i.e. 1921) favours a cautious view.

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Author: MIG Bank

MIG Bank

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