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XAU Trading Outlook (24-08-2012)

Oil & Gold (XAU) Gold kicked higher in relentless one way buying overnight with little pullbacks so far in the recent rally. Technical’s are overbought but selling is extremely dangerous as gold can overextend in dramatic fashion once a new trend emerges. OIL/USD finally reversed as US stocks prompted aggressive profit taking in the energy from $98 back to $95. The uptrend could be tested as US stocks potentially head for a correction lower.

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