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Long

Buying a Pullback in Gold to $1380 USD

COMEX:GC1!   Gold Futures
Entry: $1380
Stop: $1,280
Target: $1,780

This is a play on the long-term uptrend in gold , best encapsulated by the 30 degree trendline going back to the turn of the millennium, continuing. 1380 is a major support level ; it previously served as resistance over the prior 6 years. If the market pulls back to 1380, such a strong level may hold, and if the upward trendline is valid, a retest of the 2011 resistance near 1780 may be valid. Of course, given the timeframes discussed here, patience is needed.

See the full analysis: https://www.cfdtrading.com/the-case-for-a-long-term-buy-of-gold-at-1380-usd/1392/

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