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Gold Technical Analysis

The gold markets went back and forth during the course of the day on Tuesday, testing the $1160 level. This is an area that was previously resistive, and now looks to be offering quite a bit of support. With the FOMC Statement coming out, it’s likely that the market will more than likely react with a shrinking US dollar. With that being the case, gold should continue to go much higher. With that, we believe that the market will then eventually reach towards the $1200 level. If we break down below the $1160 level, we think that there is more than enough support below to keep this market afloat.

 

Gold Chart

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Source: FxEmpire

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