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Gold could see $1171
The break above the monthly downtrend line will have had many gold bulls salivating yesterday. Today the metal has capitalised on those gains and moved up yet again, and while it looks overextended on the hourly chart, it is clear that pullbacks will continue to be bought.
In due course, we look towards upside targets towards $1158 and then $1171.
Dips towards $1132 would be a welcome sight for those who have missed the move thus far.