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September 6, 2013

Gold Pull-Back Complete

A little over a week ago I suggested that gold was primed for a short pull-back that would break the near-term trend line, possibly testing the $1350 pivot before a renewed rally got underway. The pull-back materialized right on cue, and I now believe the selling is finished.

Gold should now make an attempt to punch through its 150 DMA. If that important moving average can be conquered, the next significant resistance will be found at the infamous crash pivot near $1525. If the impending daily cycle is destined to form bullishly, I expect that $1525 level to be tested in 3-4 weeks.

 

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