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Gold Rockets Higher off of Trendline

Published: February 07, 2012 by RssFeed

courtesy of DailyFX.com
February 07, 2012 03:36 PM

Daily Bars

Prepared by Jamie Saettele, CMT

Gold rallied over $20 today after touching a trendline that extends off of the 12/29 and 1/25 lows. Still, a bearish is valid against 1765.90 (daily key reversal last Friday). A drop below 1712.60 would shift focus to the January congestion zone at 1647/85.

Bottom Line – short, stop 1765.90, target open

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