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Neighbour: Why I’m buying gold

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Concerns over China and deflation are pushing up gold prices, says Joe Neighbour.

Chinese equities fell 7 percent on Thursday, causing trading to be halted for the second time in a week, and that in part has pushed gold convincingly through the USD 1089 resistance level, Neighbour says.

He is looking for gold to retest the USD 1089/1090 level at which he will buy. His target for the trade is USD 1200 with a stop at USD 1070.