GOLD Oct 29-2012

GOLD (Spot) intraday: under pressure. Pivot: 1718.00 Our preference: SHORT positions below 1718 with 1706 & 1698 in sight. Alternative scenario: The upside penetration of 1718 will call for a rebound towards 1730 & 1735. Comment: as long as 1718 is resistance, likely decline to 1706.

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