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In 2001, Gold was trading below $300 per ounce. Since then, Gold’s strong rally has stayed inside of rising channel (1) the majority of the time (see chart above). Gold has tested the bottom of this rising channel a few times over the past decade, each being a great time to buy gold on support.
This morning Gold is within 1% of the bottom of this 11-year rising channel. Will Gold hold again at this key support line? Stay tuned for key updates in the next few days on this very important channel support test!!!
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