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Technical analysis of Gold


Bullish harmonic structure has appeared in gold and trading near potential reversal zone. At the same time stochastic indicator showing overbought reading these are the reason that are suggesting gold may turned back from 1612-1585 area and this reversal may take it to 1643-1692 in coming days.

Recommendation: buying around 1612 add more in longs around 1585 for targeting around 1643-1692 with stop loss of 1570 on 240 minute closing basis might be appropriate .


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