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Gold: The bulls are back in town

Gold managed to get back above the 1400 level yesterday following the disappointing Manufacturing ISM that sent the US Dollar plummeting. The gold market is going sideways with an upward bias in the past two weeks, suggesting that it could be a matter of time before it breaks out to the upside. At 1403 at the time of writing, the precious metal kick started the day in negative mood but this can be seen as profit taking after yesterday’s strong session. We expect the bulls to take back the upper hand soon and push the market higher. A break above 1422 would open the door to the 1445 area. Near term support area sits at 1374. In order for the bullish bias to be delayed we need to see a consistent break below that level, but that is hard to imagine at the moment.

Dafni Serdari
Market Analyst, Spread betting & CFDs provider
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