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Gold: The bulls are back in town

The precious metal skyrocketed on Thursday, breaking above 1360, after the Fed announced that tapering is not going to happen anytime soon. With the US Dollar expected to continue plummeting, the gold market looks set for further advances. Near term targets for the bulls to watch sit at 1.375 and 1.394. A consistent break above that level would ultimately open the way to 1435 & 1470. At 1.358 at the time of writing, we are seeing some profit taking push the market lower this morning. Any pullback at this point in time could be seen as a great buying opportunity so long as the market remains above key support at 1335. An alternative scenario is hard to imagine at the moment.

Dafni Serdari
Market Analyst, Spread betting & CFDs
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