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Gold unable to make progress
It has been almost a straight line move in gold over the past few weeks, with bounces back towards the 50-hour SMA ($1101) marking the limit of upward momentum and providing opportunities to sell on the rallies. Downward momentum should see the price move back towards the July/August low around $1080. It seems hard to imagine how gold can rally, but if it does $1100 is the first target, and then on to $1120.