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Gold is Ready for Liftoff
Gold went through a rough period from the election in November through to mid December. It lost over $170 in value, more than 10% before finding a bottom. But since that low it has steadily been working higher. It stalled when it hit 1215 in January and pulled back. The 20 day SMA caught it as support and it started higher again. That move ran up to a new range from 1215 to 1245 where it sat until Thursday.
Gold has been very volatile over the last year. But the latest range break to the upside sets it up for a major push higher technically. First there is a Measured Move to the upside to 1280 out of the latest range. This will bring the price of Gold back over its 200 day SMA for the first time since it started the free fall in November.
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