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CAT Pulls Back the Curtain, and Spot Gold Pops...


Caterpillar Inc. (CAT) announced a major restructuring plan, including massive layoffs, earlier this morning, and GOLD immediately popped from +$7 to +$16, clearly a knee-jerk reaction to a desperately-fragile global economy (China), and the implication that the Fed cannot, should not, and will not raise rates any time soon.

As for the developing pattern, spot GOLD is pushing up towards a confrontation with key resistance in the vicinity of $1150, which if hurdled and sustained, should trigger upside continuation to test the modestly down-slopping 200-Day EMA, now at $1172-- at which point the entire pattern morphs into a completed July-Sept bottom that projects to $1175/80 thereafter.

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