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Inverse HNS on Gold Spot Chart Hints A Good Rally

GoldDaily Inverse HNS  15jan15

Gold spot is currently trading at $1255; recently it has formed a bullish breakout above neckline resistance of an inverse head and shoulder pattern and hints a possible rally towards 1300-1320 zones in coming days. 14 periods RSI has 60 levels for the first time and confirms a zone shift on this indicator and supportive for gold bulls. Retest to 1235-1225 zones can’t be ruled out but traders can use those opportunities to buy this metal for a short term rally. Key support would remain at 1160$ for this outlook.

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