Gold Technical Analysis August 23, 2011

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By CommoditiesMansion.com

The gold markets continued to rally on Monday as the market finally tested the $1,900 mark. The parabolic move is certainly overbought, but as long as the world worries about the sovereign creditworthiness of several different nations around the world, and the worries about recession. The parabolic move will certainly pullback sooner or later, but the market is so bullish – we don't dare try to short this market as it can continue to rise for longer than you think. On the chart there is an area extending back down to the $1,700 mark that we think will be a natural place to find support once we pullback. It is at this level that we will be buying again on signs of support.

Originally posted here

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