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Spot Gold Market Consolidates But Remains Buoyant

The Spot Gold market has been strong over the last few weeks and in the daily chart below, we can see that on Friday a bullish pin bar formed and then today an inside bar setup formed within the range of Friday's pin. We could be looking at a potential breakout scenario if the market remains buoyant and can break up past the high of Friday's pin bar. This could lead to another surge higher in this recent up move. Otherwise, if price drifts lower from here, we see key support down near $1,300.00 that could be a good buy-level if the market moves into it and forms a price action buy signal.

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