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Gold still not completely out of consolidation. 1,415.00 needs to break
Technical outlook and chart setups:
The metal seems to be still in consolidation, though attempting to break out yesterday and today till now. We need to see a clear break above 1,415.00 level for a confirmation which remains absent for now. It is recommended to book profits on long positions taken yesterday at current price, 1,397/98 and remain flat for a while. There is a possibility that the metal falls back to the support range at 1,340/50. Immediate resistance remains fixed at 1,415.00, followed by 1,450/60; while support is seen at 1,375.00, 1,350.00 and 1,340.00 respectively. Flat for now, looking to buy lower again. Gold would be an aggressive buy above 1,415.00 level.
Book profits on longs taken yesterday. Flat for now.
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