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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