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Gold in the midst of a clearly defined range

The break above $2,042.75 in Gold on Friday did extend, as was expected and noted here at the time. However, it did not reach its full potential, to entirely flip the move seen the day before. That is because it did not make it to above 2,072. The high seen was just above 2,062. Gold later turned lower into the European close, falling briefly back under that 2,042.75 level. The metal did rebound slightly into the US close though and later ended the week at 2,049.06. It has made some further progress today too and earlier reached a session high at 2,058.13. It seems like 2,042-2,072 is covering it for the time being today. Gold is currently trading at $2,054.65 

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