Gold : Down but not out.

As long as gold holds above the 1417-1420 support, much like oil we can not rule out another spike due to issues in Libya or elsewhere in the Arab world.

For today XAUUSD has an initial breakdown point at 1424, with a breach here likely to see it hit 1420 if not 1417 or so.

Gold has  VST breakup point at 1428.80, with a move above this level likely to a quick advance to 1432, and possibly 1436 if news flow worries the markets again.

 

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