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Gold Technical Analysis - Dec. 24 2012

GOLD: the market has taken a bit of a beating over the last few weeks. The yellow metal has fallen through the supports at both the 50% and 61.8% retracement levels. This is 1692.40 and 1677.80 respectively.

We can test 1660.01 and then 1631.00. Should the market move higher, resistance is once again at 1677.80 with a break back above that testing 1692.40. These are both former support levels.