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Gold Emerging to the Upside


It looks like the equity markets continue to consolidate within a high-level congestion area-- perhaps ahead of another thrust to the upside in sympathy with the growing positive seasonal starting tomorrow AM.

Looking at gold, the GLD appears to be emerging from its two-week sideways congestion area and exhibits the requisite underlying momentum juxtaposition to support upside acceleration to retest the prior high at 63.13...on the way to 64.50. Only a decline that breaks below 61-60.80 support will compromise the constructive near-term pattern.

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