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Gold heading back up
The spectacular downtrend for gold may well have come to an end, with a reversal from below $1200 seeing further moves higher. The 9 March high at $1209 has been taken out, with a drop back this morning finding support around this point.
As long as $1200 holds we should look for further upside here, towards $1220 and then $1226. A renewed drop below $1200 would head towards $1170.
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