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Gold Bounces High Off Support, Targets Record Levels After Correction

Gold (daily chart) as of Wednesday (7/06/2011) has made an exceptionally pronounced bounce off a key confluence of support around both the 1475 support region and the 100-period simple moving average. This high bounce has prompted a recovery of the recent bearish correction, and broke out above prior resistance around 1512 in the process. For more gold technical analysis, please click here.

James Chen, CTA, CMT
Director of Technical Research and Education