As we have noted in previous blogs Gold is trading in interesting territory above the $1600 handle. We will be looking to see if it respects the 55MDA at $1632 before making a move back to the level we are looking to enter a long position $1525. This level has proven as a major support level highlighted by 4 previous touches which were all bought up. If we get to this level we expect to see a significant move to the upside targeting new highs and the $2000 level.
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