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Alert-19:12 (Est) ACM Precious Metals Analysis: Gold Bulls and Bears Face Off at $900oz
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Closing above $900oz was a significant turning point in projecting the near-term technical direction of gold. A close below the $900oz level may have indicated a tendency to further downside as prices toggled back and forth in that area throughout the day. The high and low range was fairly wide with gold ranging between $913oz and $893oz providing solid opportunity for an active Trader to play price volatility. The euphoria behind Citigroup's announcement regarding earnings, and JP Morgan's positive results YTD loss steam leading to a price consolidation in equities. Our view is bullish in the long-term as further turbulence lays ahead diverting investment capital to gold and treasuries. A clear turning point towards recovery is not quite there, and the interim rallies have a tendency to mislead optimistic investors into short positions against gold. Our desk is cautious in feeding into the recent pop in risk appetite, as the underlying factors in the global crisis bodes well for strategic long positions in precious metals.
Resistance: $917.47 Current: $909.25 Support: $896.82
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ACM Advanced Currency Markets SA (hereinafter referred as ACM) is a professional financial intermediary, directly regulated by the Swiss Federal Department of Finance, Anti Money Laundering Control Authority. As forex specialist, ACM provides only currency and precious metals trading via highly professional forex trading software. All customers are aware that this information or any part thereof has been prepared without taking account of your objectives, financial situation and/or needs. This information is not intended as personalized investment advice and does not constitute a recommendation. It is not an offer or solicitation of any offer to purchase or sell any financial instrument. The analysis is based on the information which ACM finds reliable and accurate, but ACM does not assume any responsibility for any material nor for the transactions made on the basis of the information or the estimates of the analysis. ACM cannot guarantee that these forecasts will materialize and cannot be held liable in any way for direct, indirect and/or consequential loss arising from any use of this information, document or its content. All opinions and estimates constitute ACM analysis as of the data and are subject to change without notice. ACM does not warrant the accuracy or completeness of information contained herein, such information is subject to change and is not intended to influence your investment decisions. Past performance is not a reliable indicator of future performance.
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