At the end of July, I noted that gold has broke through good support around the 1170 area and was destined to trade to the bottom of the range near 1070. What happened through the end of the month though nullified the trade and set up a reversal from those lows heading into August, as the chart shows. Now it appears gold is targeting the 1250 level next and a break past the previous highs probably sets up 1350s or so. The dollar has been strong of late which has me wondering if there is a currency issue developing again and people are buying gold versus Euros.
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