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Gold Weekly Technical Update - Biding its time for a reversal?

FX:XAUUSD   Gold/U.S. Dollar
Since the start of 2015, repeated rejection off the 20 WMA confirms that there is no interest for higher gold             prices. This also falls into our analysis that the last two years pattern is playing out on Gold             prices. Often we see gold             prices moved higher in the 1st quarter of the year, followed by setback in the 2nd quarter, but 3rd quarter recovery (which could unravel soon will have a higher low than the 2015 January high) and last but not least another low as we end 2015!
Gold             start the year well but interest waned as we approach May.
HOWEVER, we are looking for this short-medium term bearish trend to end and reverse soon. It will need to break and close above the 20 WMA followed by the 50% fib at 1225 to consider testing the 100 WMA which currently sits at 1266.

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