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Gold extends gains above $2,350

Yesterday Gold got just the right excuse it needed to make a move to above a noted technical resistance level in place just above $2,336. That was the 21 day moving average and it had been capping the topside since April 29. The slight push lower in the US 10 Year yield was the catalyst for the move above this level, as was the slip in the dollar. So, gold rose above and closed last night above that technical resistance level, ending the session at $2,346.33. It has extended on that move so far today, rising to a session high so far at $2,355.91 a moment ago. From a purely technical perspective, there really is not that much to see this side of $2,400. Gold is currently trading at $2,355.10

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