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Gold Market Update 14th August 2014

14/8/2013

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Trade Gold Online - Daily Gold Market Blog
Yesterday saw gold prices fall to the previous day’s low at 1323 before the US market opened, at which point some losses were recovered in a reaction to slightly lower than forecast US Retail Sales figures.  The recovery was short-lived however as gold resumed its downwards momentum, falling to a low of 1318 on the day and 1315 overnight.

Today is a quiet news day and so we expect a straight technical play, with support at 1317 and 1309 as gold makes its way towards 1300.  Any rebound off of these support levels could see gold recover to around 1330-1340 before moving lower again.

If 1300 is breached, we see minor support at 1290 and 1280 and strong support at 1272.  A confirmed break below 1270 would see prices fall to 1245 and then 1200.


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