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Gold: Consolidating After The Breakout At 1739
Gold has broken to the upside out of its shortterm horizontal range, which calls for further strength. However, the resistance at 1754 (17/10/2012 high) has thus far held. Monitor the support at 1736 (20/11/2012 high).
The strong support at 1647 is expected to hold.
Gold is in a secular uptrend with strong support at 1523. Monitor the strong resistance area between 1791 and 1803.