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Due to market conditions, the views and positions of trade recommendations can quickly change. We strongly advise you to monitor our published trade recommendations on an ongoing basis.
Gold prices have broken several support levels over the past several days. Prices have managed to hold up above $1,480 /£37.11, however. Recent improvements in financial market sentiments about the world economy are weighing on gold prices. Technical chart patterns now point toward lower prices, but are not strong at this point. The recent positive sentiment about the world economy could quickly pass and gold prices could quickly continue in their recent $1,480 – $1,520 / £37.11 – £38.12 trading range or even surge higher once more. In the meantime prices are likely to move sideways over the next several days.
Note: Discretion should be allowed at +/- $0.50 / £0.01 from the target.