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"THE TECHNICAL ANALYSIS OF GOLD IS REPEATING A PATERN BACK IN 2008"
Gold’s Young Upleg
Adam
Hamilton February 15, 2013 2778 Words
Gold has suffered a tough slog lately,
unable to advance despite central banks aggressively inflating their money
supplies all over the world. Seeing gold stuck in the mire despite very bullish
fundamentals has certainly exacted a psychological toll on traders. They are
irritated and discouraged after watching the yellow metal inexplicably languish
for months. But technically gold still remains in a young upleg.
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With traders being fed up with gold
and very discouraged, and it being very oversold, this metal is overdue for an
imminent major rally. Some catalyst is going to arrive very soon that will
spark serious buying as gold shorts rush to cover their positions. Maybe it
will be the US stock markets rolling over, maybe it will be Europe woes, maybe
it will be something else. But technically gold is due to
surge.
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