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Heavy technical selling pressure has emerged as gold prices fell below key near-term technical support levels on Friday.
FORBES: A.M. Kitco Metals Roundup: Gold Sharply Lower, at 6-Mo. Low, on Heavy Technical Selling
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The locals are buying gold even as prices fell through technical support levels last week.
FORBES: In China, Locals Still Love Gold
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Gold prices are now hovering just above important technical support at the February low.
FORBES: A.M. Kitco Metals Roundup: Gold Lower, Hits 2-Week Low, in Wake of Stronger U.S. Employment Data
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Nevertheless, Darin Newsom, DTN senior analyst, fears technical pressure will hit gold, with the market close to support after being turned back from overhead resistance this week.
FORBES: Analysts Mixed On Gold Next Week; Technical Factors Cited Both Ways
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Technical analysts point out that gold prices are holding near some important support and resistance levels, and depending on which way gold goes next week, it could set the stage for near-term price direction.
FORBES: METALS OUTLOOK: Uncertain Outlook For Gold Prices Next Week; Fed Mtg Could Influence Direction
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Some technical support levels were also breached on the downside in December gold, to set off sell stops and push gold prices even lower.
FORBES: A.M. Kitco Metals Roundup: Comex Gold Sharply Lower on Technical Selling, Up-Tick in Investor Risk Appetite
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Some technical support levels were also breached on the downside in December gold Thursday, to set off sell stops and push gold prices still lower.
FORBES: P.M. Kitco Metals Roundup: Comex Gold Ends Sharply Lower on Uptick in Investor Risk Appetite, Technically Related Selling
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Brian LaRose, technical analyst at United-ICAP, noted several levels of support gold prices need to hold to avoid seeing a sharp break or change in trend.
FORBES: METALS OUTLOOK: Weaker Trade Possible In Gold If Financial Markets Stabilize
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Technical price charts were showing that support trend lines were starting to break in several markets including gold, grains and stocks.
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