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Gold compresses, moves up

Gold futures made a daily-scale compression yesterday and have moved up above it today. A closing break would indicate more strength to come:

Gold compresses, breaks up

We have had a number of calls from readers looking for guidance on gold as there has been a technical formation building up that looked like a 'head and shoulders' top. This new signal and the (so far) upward break of it make that a lot less likely.

We may issue a 'buy' in this market if this strength is sustained through the day.