Gold is once again challenging its previous resistance, as we await news as to whether prices will rally in a new up-turn. Certainly there a number of positives which are likely to assist gold:
1. Iran is still threatening to develop nuclear weapons. There is a consensus which seems likely to result in some form of intervention.
2. The EU debt concerns are building
3. Limited upside to raise interest rates because of debt burden
4. Gold is already technically in an uptrend mode, having already achieved a higher high.
The next move is likely to be to challenge the $1224 level - shown on the chart.
Andrew Sheldon www.sheldonthinks.com
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