GOLD technical picture & outlook for September 9, 2014

A lot of overhead resistance for Gold @ 1270, 1278 & 1281. As long as Gold price remains below $1270, chances favor a decline to $1240. We use $1270 as a stop on short positions, too. Intraday spikes up should rather be used as an opportunity to sell Gold short from a more favorable level or get rid of speculative long positions.

Gold Dec’14 futures, daily chart:

Gold_Dec14__daily_20140908

Chart courtesy of Barchart.com. http://barchart.com

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