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Gold In 2015: Twelve Winning Months?

1. Gold is off to a great start this year. That’s the daily gold chart, and it looks superb.
2. The strongly bullish technical action reflects the positive fundamentals of the gargantuan Chinese and Indian jewellery markets. Those two nations are the main price drivers of the “gold bull era”.
3. Gold is also attempting to stage an early morning breakout from a small drifting rectangle pattern, which is good news. The “Queen of Metals” tends to have strong rallies following the release of the monthly US Employment Situation report. The next one is scheduled for Friday morning, at about 8:30AM.
4. Gold tends to be a bit soft going into the release of each jobs report, so this morning’s breakout should not be regarded as absolutely definitive. There could be a bit more softness over the next few days, before a fresh intermediate trend higher gets underway.
5. Regardless, the target of the large ascending triangle in play is the $1350 – $1375 area.

10. I see much more gold-positive news coming out of both China and India in 2015. If India chops the import duties in the upcoming budget (roughly scheduled for February 28), there’s a good chance that gold stages steady price advances against the dollar, during every single calendar month of this year.
11. Many readers have noticed that the price of gold tends to be stable in the early evening when China and India dominate the trading. Then, at about 3AM New York time, as Asia goes quiet, gold often sells off, and sometimes quite violently.
12. Asian trading is jewellery-oriented, so the price action tends to be generally very calm, often with a mild upwards price bias. In contrast, Western trading tends to revolve around anything but jewellery.

Source GoldSeek

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