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Trading Central: Gold Under Pressure -- Market Talk

13 Apr 2018 7:57 am

0757 GMT Spot gold retreated and broke below its 20-period moving average after failing to challenge the declining 50-period moving average on the 30-minute chart. A new test to its next support level at $1,333.5 (the low of April 12) seems more likely to occur. The MACD is below its 0-level and is about to cross below its signal line. The RSI reversed down from the neutrality level at 50, calling for a drop. As long as $1,342.25 is not surpassed, look for a further decline to $1,333.50 and even to $1,331.00 in extension. Alternatively, only a break above $1,342.25 would turn the outlook to positive and call for a rebound with $1,347.5 as a target. Spot gold is trading at $1,336.5 an ounce. [This piece contains the opinions of Trading Central and does not constitute personalized investment advice or form part of any invitation or inducement to buy or sell any security. The author has been prohibited by Trading Central from purchasing or otherwise directly or indirectly acquiring any direct or indirect beneficial ownership of any instruments or markets for which Trading Central or its affiliates issues recommendations. To read more, visit bit.ly/1MehCU9.] (analysts-europe@tradingcentral.com)

(END) Dow Jones Newswires

April 13, 2018 03:57 ET (07:57 GMT)

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