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Gold Market Update - 5th Dec

5/12/2012

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After falling through 1700 overnight, gold continued to sell off enthusiastically all day, finding tentative support at 1690 but closing below 1700 for the first time since 2 November.

Gold broke the rising trendline decisively, which has bearish implications if the market cannot get back above the line, currently at 1706 (Feb contract), in short order.

A test of the November low at 1674 looks to be on the cards as we see no signs of a bottom yet - none of the indicators we follow are very oversold yet and there are no bullish divergences apparent.

If 1674 cannot hold then a retest of the 200 DMA at 1665 and a sell off to 1630 becomes a compelling outcome.

For our subscribers at www.goldtradingexperts.com, today's video looks at our thoughts on the most likely scenario that we see playing out and our strategy for our next trade.
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