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Gold breaks higher once more
Gold has managed to break through the key $1207 mark this morning, paving the way for further gains. Considering the recent rally has come amid a widespread period of equity and dollar strength, the potential for a reversal in both provides a very supportive environment for gold.
The $1200 mark represents the backstop to any pullback, where an hourly close below that level would provide a more bearish outlook. However, until then, a bullish view is back in place, with further upside unlikely to run into any significant resistance for quite some time.