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Gold has been seeing substantial gains this morning, as investors seek out havens despite the gains seen in the indices. This is a continuation of the uptrend that has been in play since the turn of the year and as such further gains seem justified for both the medium and short-term.
As such, any pullback is expected to be temporary, with the initial support level of $1327 worth watching should we reach it. A bearish view is in place unless we see an hourly close below $1320.