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Alert-17:57 (Est) ACM Precious Analysis: Gold Prices Continue to Sink to Support Levels
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Swine flu and gold don’t mix, as safe-haven demand favors Treasuries in lieu of the precious metal. Some Major institutions deterred clients from gold as a safe hedge versus the swine flu, as demand for commodities in general would suffer if this situation evolved into a full blown pandemic. Prices dropped as low $884oz as stops were hit around the $900oz level, triggering a massive sweep lower. Volatility set in and the longs were able to recoup to levels above $890oz but trading was choppy for the remainder of the day. From a technical perspective, its probably advantageous to use indicators that catch the sensitivity in price action. MACD was lagging actual movements in gold on an intraday basis, so a Trader may want to revert to RSI being cautious of false signals. The trend line still implies further downside, it will be critical to monitor upcoming economic data as a supplement in coming days.
Support: 882.14 Current: 893.37 Resistance: 907.29
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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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