Gold Technical Analysis (2016.04.22)

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Gold Technical Analysis – Gold markets initially rallied during the course of the session on Thursday, but found the $1270 level to be far too resistive. By doing so, we ended up forming a massive shooting star, which of course is a negative sign. However, the ultimate destination of this market seems to be more consolidation, so we are simply waiting to see whether or not we get a supportive candle below that we can start buying. We will use daily candles in order to do so, and as a result will have to be very patient.

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