Gold Breaks Out?

After holding key support above $1270/65 yesterday, spot gold prices have rocketed to $1315.

In so doing, it has hurdled its nearest-term resistance line at $1302 in what looks like the conclusion of the handle portion of a May-Aug cup-and-handle pattern.

If today's gains are sustained, my work will argue that gold -- and the SPDR Gold Shares (GLD) -- has started a new upleg that projects toward a retest of the July high in spot gold at $1349.31.

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