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27 Aug 2013
Gold above $1,400 key level; firm target at $1,418 – 2nd Skies Forex
FXstreet.com (Chicago) – Gold closed above $1,400 key zone after two and a half months. Sparked by Fed’s uncertain tapering program and Syrian conflict with potential worldwide war implications, market participants rushed to hedge risks and profit from upswing price flow.
Bullish bias
FX trader Chris Capre notes “Although there was a brief pop above 1406 at the market open, the PM has yet to trade above it, but is looking quite bullish. The range lows for the last 24hrs were around 1392, so intra-day pullbacks to this level are potential buying opportunities.” At 1,400.80 after reaching 1,404.90 highs upside targets are remain firm at 1,418, 1,481 and 1,533.
Bullish bias
FX trader Chris Capre notes “Although there was a brief pop above 1406 at the market open, the PM has yet to trade above it, but is looking quite bullish. The range lows for the last 24hrs were around 1392, so intra-day pullbacks to this level are potential buying opportunities.” At 1,400.80 after reaching 1,404.90 highs upside targets are remain firm at 1,418, 1,481 and 1,533.