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Gold Technical Analysis (2016.02.05)

Gold markets rose significantly during the course of the session on Thursday, breaking well above the $1150 level. With today being Nonfarm Payroll Numbers day, it’s difficult to just jump into the market right away. We could very well get quite a bit of a pullback, but quite frankly we think that will simply be an opportunity to start buying yet again. We do believe the gold going to continue to go higher, but it is a market that seems to be a bit overextended at this point in time, so really it will more than likely need a pullback in order for most traders to get involved.

Gold Chart

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Source: Fxempire

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alan Says

0 1

Gold shot to a three-month high as the USD Dollar weakened further.Gold needs to hold above 1150.59 level, being the intraday Pivot Point if the price action is to continue the upward move.



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