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Gold Technical Outlook - 1

|Includes: SPDR Gold Trust ETF (GLD)

As expected, Gold reached the lower band of its rising channel on September 11th and now we expect the bulls to gain the upper hand here and the push the price up. Risk of shorting the yellow metal is extremely high and we think if the bulls can clear the $1393 resistance and break the descending channel, Gold will rise to the $1481 area.

Of course we will provide more in-depth analysis on the time structure of the coming rally if the $1393 level is broken.

Disclosure: I have no positions in any stocks mentioned, but may initiate a long position in GLD over the next 72 hours.