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Gold Market

The gold markets tried to rally during the course of the session on Thursday, but found trouble above the $1200 level. Because of this, the market ended up forming a shooting star and it now looks as if we could go bit lower. We see significant support all the way down to the 1180 area, so it’s going to be difficult to sell this market. If we break above the top of the shooting star, we could be buyers, and probably even more so above the 1220 handle. In the meantime, we are on the sidelines.

Gold Chart

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