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Gold approaching a key level – weekend review – 13 Feb 2016

In our 6 December 2015 article Gold rises from a key pattern formation. We discussed in the article that Gold was on a buy signal as long as the price at $1048/oz held. Further we had projections for the price of the Gold to reach as targets. We also discussed that there was a structural resistance at the $1105/oz level, once the price clear this level it could accelerate up.

This is exactly what took place. Now the price is trading at out upper projected target zone. Price has already attempted $1264/oz level which is right in our zone. We caution to be careful here, those who are long could take profits or partial profits or tighten their stops to around $1201/oz level.

Ideally, to get long we should wait for a pull back let this pull back appear in the AB = CD pattern formation to take a low risk long entry in the market place.

All the best for next week and wish you prosperous trading!

Gold trading at key level

Gold trading at key level

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