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Contributors Chart of the Day for April 8th – Gold Poised to Resume Recovery on Bernanke Comments

By Ilya Spivak

Prices rebounded as expected after putting in a Hammer candlestick. The bulls are now testing the 23.6%Fibonacci expansion at 1583.37. A break above that aims for trend line support-turned-resistance at 1602.41. Near-term support is at 1562.58, the 38.2% level.

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