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Gold moves higher
Yesterday’s Fed meeting sent gold moving sharply higher, pushing through the 13 September high around $1330, and leaving it well-positioned to head to the early September peak at $1355.
If the bounce continues then gold has avoided making a new lower low, and we could be seeing the beginning of a breakout from the downtrend off the July highs. The price is relatively overextended intraday, so we could see some short-term weakness, but any dips are likely to see fresh buying.