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Gold Technical Analysis

Gold markets fell a bit during the session after gapping higher on Monday, but as you can see settled on a hammer. This hammer is pressing up against the $1280 level, and as a result we think that this market will ultimately break out to the upside. Pullbacks at this point time you have to look interesting for buyers, as this should continue to push gold prices much higher. We believe that there is a massive amount of support down at the $1240 level, and as a result we are buying any type of supportive looking candle or a break out of the $1280 level.

Gold Chart (fxempire)

2015.01.20

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