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Gold – Daily Forecast 24.01.2014

Gold shot higher & unexpectedly beat 1254/55. Yesterday was very important as the break above 20 month trend line resistance confirmed the bullish double bottom at 1185/80. It also confirms the completion of a slightly awkward inverse head & shoulders – all very bullish longer term. I therefore think we will resume the 15 year bull trend now & I am calling an end to the 25 month bear market. Short term however we are overbought so some profit taking down to 1258/57 & possibly 1253/52 could be seen for a buying opportunity. I doubt we go any lower but if 1246/45 is seen it may be the last chance to buy Gold before a sharp spike higher in the days to come. Today a break above 1265 is another positive & target 1271/72 then the 100 day moving average at 1276. This is the next major obstacle & we need a close above here for the next buy signal.

Jason Sen
Daily Technical forecasts US, Europe & Asia
Equity Index, Commodities, Forex & Fixed Income
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