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    Technical analysis of Gold for June 8, 2016 2016-06-08

    Gold price consolidated for a couple of days after the Friday's spike up to $1,249. Price formed a bullish flag that was falsely broken yesterday and today we see a bullish breakout. Price remains below important long-term resistance of $1,260.

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    Red lines - bullish flag

    Gold price is trading above the Kumo (cloud) in the 4 hour chart confirming bullish trend is intact. Price made a pull back towards $1,235 yesterday but in a corrective formation. Price is rising to new short-term highs in an impulsive structure and this strengthens the bullish scenario that an important low is in at $1,200.

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