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Gold Reversed Its Gains In Asia Tuesday

Posted by: : Paul EbelingPosted on: February 17, 2015 Gold Reversed Its Gains In Asia Tuesday

Gold Reversed Its Gains In Asia Tuesday

Gold prices traded higher by 0.31% Vs the USD in the 24 hour frame ending 23:00 GMT, at 1232.80 oz, after talks between Greece and its creditors broke down increasing demand for the safe-haven Gold.

In the Asian session, at GMT 0400, Gold is trading at 1227.70, or 0.41% lower from Monday’s close.

Gold is expected to see 1st support at 1224.30, a break there could push it to next support at 1220.90.

Gold is expected to see 1st resistance at 1233.90, a break there could drive it to next resistance at 1240.10.

The precious Yellow metal is trading below its 20 Hr and 50 Hr MAs.


HeffX-LTN Analysis for GLD: Overall Short Intermediate Long
Neutral (0.07) Neutral (0.04) Neutral (-0.04) Neutral (0.22)

In the long term picture, the long term up trend in Gold has reversed and it is possibly now in a long term correction pattern that would push  back to 681/1033.9 support zone, with 61.8% Fibo retracement of 253.2 to 1923.7 at 891.3 inside.

Stay tuned…


Paul Ebeling

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Paul Ebeling

Pattern Recognition Analyst, equities, commodities, forex
Paul Ebeling is best known for his work as writer and publisher of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly-regarded, weekly financial market letter, where he enjoys an international audience among opinion makers, business leaders, and respected organizations. Something of a pioneer in online stock market and commodities discussion and analysis, Ebeling has been online since 1994. He has studied and worked in the global financial and stock markets since 1984.

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