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Forecast and Technical Analysis of the Gold Futures on April 4, 2016

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Pair's Outlook
Technical trading of the bullion remains uncertain at the moment, because there are several important resistances and supports surrounding the present spot price of 1,217. From the upside, the weekly pivot point at 1,224 is the most immediate supply, followed by the 23.6% Fibonacci retracement of the Dec-Mar uptrend and the 20-day SMA at 1,227/30. Still, we suspect that the market will attempt to push gold prices lower in the near-term. However, XAU/USD will inevitably hit a tough cluster of demand levels and the first support is going to be placed at 1,205 (weekly S1; 55-day SMA).

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