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Gold still below $1100
The week opens with gold still stuck below $1100, repeating the pattern of the past two weeks. However, any dip lower is still likely to encounter support at the $1080 level, so these are the two ranges to watch while this consolidation continues. Given the negative commentary surrounding gold we could see a rapid move higher should $1100 be broken, with short-covering helping to fuel a move upwards, perhaps as far as $1140.