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Gold Did Not Break Out On Friday... And I Like It
On Friday, when the US launched a missile attack against Syria, after an initial breakout above $1,250 per ounce, gold prices retreated below this level.
I like this event because each relevant breakout should be built on market forces or sentiment (and not on political events).
The last developments reported by the COT reports support my bullish thesis on gold; the relative strength of gold against the US dollar is another confirmation of this thesis.
The physical gold market, especially JP Morgan adding gold to its COMEX vaults, also delivers positive indications for gold.
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