Taking a look at the weekly gold chart, there seems to be a lot of strength at the moment. Technically things look to be strengthening up a bit after a big correction.
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As you can see, there is divergence in the indicators, and we have broken out of a downwards channel that formed early this year, so a move outside this channel is quite significant. Hopefully it can hold. A move above 1365 would be even more positive and cause more buyers sitting on the sidelines to move in we think.
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| Gold |
Gold Weekly Chart
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