Gold
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Gold beat resistance at 2909/13 & the break above 2916 hit the targets of 2925/28 & the all time high at 2940/42.
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We wrote: I will also watch to see if a negative candle forms to signal a potential double top sell signal.
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**WE HAVE THE BEARISH ENGULFING CANDLE ON THE DAILY CHART TO CONFIRM DOUBLE TOP SELL SIGNAL.**
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Perhaps $3000 was expected by too many speculators!
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There is minor support at 2883/78 but after Friday's price action a break below 2876 seems likely for a sell signal on Monday targeting 2865/63 & probably strong support at 2848/44.
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Of course the bulls have not given up & they are likely to defend this level so look for a bounce from here.
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Longs need stops below 2835.
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Targets: 2855, 2862, 2874.
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Resistance at 2900/2905 & shorts need stops above 2910. Targets: 2890, 2880, 2870.
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