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Gold takes it to the edge and rebounds

Well, you were warned much earlier today, when an update here noted the massive, negative outside day reversal in gold yesterday and how that should deliver more downside. So, that has now happened and a short time ago the metal fell to within an inch of that key support level (the top of wave 1) at 2,009.53. The low seen a short while ago was set at 2,010.04 and it has lifted off that low since. It is now bouncing back closer to 2,020 as I write. The rebound comes as US yields slip a little more and the USD/JPY seems to be struggling to hold levels much beyond 147.15 once again, for the time being anyway. So, gold has hit an important support level near enough this afternoon. It remains to be seen, if it can hang onto it now. It is currently trading at 2,019.10

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