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Gold is looking to go much higher into the $800 plus territory in the longer term. However for the shorter term move Gold is drifting back onto support having broken through its descending trendline and could drift further back to 605.50 (green). A break of 628.00 though would suggest the retrace has completed and a swing up to 677.50 – 692.00 would be the next level for gold to take a breather. This scenario is supported by the Stochastics crossing to give a buy in the oversold zone.
