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Gold is nearing what could be an ultra-bullish key level

Gold's relationship with inflation expectations has gotten interesting lately, and I'm watching one key level for gold in particular.

Consider this conundrum in the gold market: The metal has traditionally been a good hedge against inflation, but it hasn't seen much demand lately even in the face of rising inflation fears. It's not like gold hasn't rallied, of course; it's up a little over 6 percent since mid-December.



Still, the yellow metal hasn't broken out.

In fact, it has tested key resistance of $1,375 per ounce, but it hasn't managed to break above that level. The $1,375 mark was the metal's highs from both 2016 and 2017, so a break above that line would give gold a technically significant "higher high."

https://www.cnbc.com/2018/02/22/gold-is-nearing-what-could-be-an-ultra-bullish-key-level.html

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