GOLD technical picture & Outlook for October 20, 2014

Gold’s technical rebound from its long-term support @ $1.183 has led price to the $1.240 region. The daily trend remains up as long as price is higher than $1234. However, there is significant resistance @ $1.250 (last week high), $1.265 and $1.280. I expect price to move down from current levels.

Gold, 5-hour chart:

Gold(5 Hours)20141020

Chart courtesy of Investing.com (www.investing.com)

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