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In our latest update on gold we presume a bear market resumption that should bring the price of gold  in US dollar below $1,000. Short term however on the daily time frame the price of gold becomes very oversold while encountering intermediate supporting levels on the quarterly chart so that it should not be expected for the bear market to run its path in a straight line from here. As the price of gold is approaching the 20-period moving average and a rising support line it should be shored up in the $1,245-1,250 area. We expect to see gold’s price ($1,264) at the time of writing to slide some $15 more before bouncing.

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