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From : Commodities Daily Hotline: 22 August 2014
Chart of the day: Gold breaks support...

 

The Gold instrument has generated a bearish P&F Breakout signal on the automated scanner.  This follows Thursday's move through 1284.  The less sensitive graph printed here shows the price breaking support at the early-August low, at 1280.5.  The top-heavy pattern would appear capable of forcing lower levels towards the early-June floor at 1347, with the possibility of a revisit of the late-2013 platform near 1200 after that.  A short is opened on the P&F signal, and the stop is placed at 1330 for the time being.

 

N.B.  Due to a public holiday in the UK, the next hotline will be published on Tuesday 26 August.

 






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