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Big Day For Gold


Big Day for Gold
By Mike Paulenoff, www.MPTrader.com

Big day for gold and the streetTRACKS Gold Shares (NYSE: GLD) because just about everyone believes that the Fed will cut rates 75 to 100 bps, which will crush the dollar and trigger another upleg in gold. My technical work argues differently -- that the GLD has peaked and that "good news" will be sold at the top of the Jan-Mar channel, and the GLD will traverse towards the lower portion of the channel, now in the vicinity of 94.00.

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