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Gold Weekly Close below 1508 would confirm a decline till 1460-1430

As per this trade setup gold is trading at 1507.90 and 14 period RSI has broken previous support on weekly chart and its 14 period RSI is moving in a channel since Nov, 2009 and weekly RSI has broken its previous support that is suggesting momentum remains negative and weekly close below 1508 would signal a decline till 1422-1430 in medium term. A minor support can take place around 1460 also and a weekly close above its horizontal resistance above 1555 would signal a failure in down trend and immediate small resistance seen around 1532 levels. Low risk trader can use that level as their stop loss in their short sell. 
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Comments

ram said…
nice chart work.and good technical analysis.u r the best and be the best
June 24, 2011 at 9:36 PM
sudarshan dhakal said…
Sunil bhaiya you are really a great technical analyst.Getting linked with you is really a matter of great pleasure for us.By seeing your analysis we have also got chance to learn some things.So happy to get your support.I wish you go on rocking the market.
June 24, 2011 at 10:16 PM
Sunil Rathi said…
Thank u so much both of u Ram Bhai and Sudarshan ji
June 24, 2011 at 10:38 PM
ram said…
Its time to start ur paid service.
July 5, 2011 at 10:27 PM
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