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Gold prices trading at $1644.37

After breaking the short-term support during European trading, gold prices continued to move lower, dipping below the 1645.00 level Tuesday. According to the Technical Analyst Team at ICN.com, “The bearish bias is expected to continue, eying a retest of the major low at 1625.00 level, however, rallies should remain limited below 1653.00-1655.00 level for this bearish bias to remain dominant.”

In particular, after falling as low as the 1642 region earlier today, gold prices have presently settled at USD $1644.37, down $-3.78 Tuesday. The ICN.com analysts point to additional supports at the 1635.00 level, onto 1625.00 and finally 1610.00. On the ascension, gold prices will encounter measures of resistance at 1653.00, then 1660.00, followed by 1666.00.

Forex Flash: UK inflation data in focus today – BTMU

Lee Hardman, FX analyst at the Bank of Tokyo Mitsubishi UFJ notes that the main economic data release in Europe today will be the UK inflation report for January which is expected to reveal that inflation picked up modestly extending its period above the BoE’s 2.0% inflation target to 38 months.
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Silver prices contract to $30.74

According to the Technical Analyst Team at ICN.com, “The white metal continued to move lower following the breakout of the symmetrical triangle pattern as expected. Subsequently, silver prices again retested the major support level at 30.75, where it rebounded slightly short after. A break below 30.75 level in particular could be significant, as this may dramatically extend the bearish direction. Therefore, we will wait for a clear break below the aforementioned level to suggest further bearishness.”
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