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July 29, 2009 / Jeb

Gold Consolidating Before Major Breakout, Symmetrical Triangle Formation

GLDWe are in a secular bull market in Gold.  Gold is consolidating in a symmetrical triangle formation in an uptrend.  Weekly volume is decreasing and is building up for a major break of $1000.  This break could to new highs could run the price to $2000 an ounce.  Look for consolidation as it reaches the apex in a couple of weeks.  The battle between buyers and sellers should resolve after a breakout on strong weekly volume.

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