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Mtechtips GOLD COMEX intraday trading analysis 30-8-2012
Comex gold spot in dollars currently trading at 1657 and just now we seen sharp downside move upto 1650.as we suggested from last 3-4 sessions stay short and expect large downside target. in my personally view qe3 is not coming and what we seen in gold was speculative rally on hope!we our minimum target for gold on downside is 1620 which is its yearly average also.if slip below that on weekly closing basis then possible medium term target of 1539.
for tomorrow intraday trend and momentum both are bearish and expect targets of 1635 and below. entry short be near 1660-1663with stoploss above 1672.
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