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O’Hare: Bullish buying in gold

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Gold prices have rebounded from a 55 month low in November and this bullish rise is set to continue according to Steve O’Hare from First 4 Trading. Price action increased this week when a bullish Flag formation broke to the upside after investors flocked to the safe-haven investment during a global sell-off in stocks. Silver has also benefited from the weakness in the global equities markets, and is now trading near a new one month high.

Following the current bullish trend, Steve is looking to buy gold at 1222 USD/oz. Support exists around this level on both the hourly & daily Ichimoku cloud charts. He is targeting a move higher to 1238 USD/oz and then 1255 USD/oz. A stop can be placed at 1215 USD/oz.

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