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Gold Breaks Key Level – Bottom in Place? July 10th
Spot Gold – Post FOMC Meeting Finds Strong Buying
For the first time since early June, Spot Gold has broken above the daily 20ema, although this time its not doing it during a consolidation, but during a 7/10 day bull run. Late last week the PM formed a HL (higher low) after rejecting off the role reversal level at 1267. But the yellow metal has soared for 4 days now, with today’s gains being the largest post FOMC comments of more stimulus. If the PM can close above the 1267/70 key level on the 4hr charts, then I suspect more buying will follow, challenging 1307 and 1318.
Ill watch for intraday price action signals on a pullback towards 1267/70, targeting 1300 and 1315, but the PM appears to be forming a complex bottom in its early stages.
NOTE: There are a record amount of Gold shorts out there which may fuel a short squeeze should more upside be had.
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