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Gold consolidation likely to lead to further gains
Gold has finally broken out of its stroppy period and given us some good direction to go on. This is the second wave higher following the spike on Wednesday and I expect to see gold exit to the upside in accordance with this bullish break.
Ultimately whether we retrace now or break higher, I do expect to move back to $1224 in the near future. Until then, I will watch for a break above $1203 for the next leg higher or a move below $1198 for a pullback to $1192.