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Gold: Hovers Near Highs
The gold market displayed minimal movement in the early hours of Tuesday, as it continued to test the critical $2000 level for potential support. In this current climate, it appears that the market is in a phase of consolidation, attempting to set up its next move and digest the substantial recent gains. While it's not implying an imminent sharp decline in gold prices, a period of profit-taking seems likely in the short term. (Unless of course we get more turmoil in the Middle East.)Technical analysis of the market suggests the possibility of a rising wedge formation, a bearish pattern that could potentially lead to ... (full story)