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Gold price trading at a key level – weekend premiere – 17 -18 October 2015

Gold broke out of congestion from the pattern as we had discussed in the 3 October 2015 article Gold and Silver trading at important levels. There is still a chance Gold could make a move to $1200/oz o $1215/oz level.

What we are watching here this pattern. We have a completed AB = CD and a 127.2% Fibonacci expansion at the current levels. The market for the past 2 days has been consolidating just below this zone. What is important that if Gold closes below $1160/oz, it would be a signal to exit any longs and the up move move might have concluded. Keep an eye on Gold for next week as it could prove to be a pivotal one.

Good luck and wish you prosperous trading!

Gold daily chart. www.marketchartpattern.com

Gold daily chart. www.marketchartpattern.com

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