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Bannockburn: gold's downward correction looks done, recent advance 'warns of a run at the high'

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(Kitco News) - Gold appears to have completed a downward correction and may be ready to run higher, said Bannockburn Global Forex in a technical-chart analysis. “The correction that brought gold down from the multiyear high near $1,765.40 on May 18 to about $1,694.30 looks to have been completed,” Bannockburn said. “It closed the week above the recent downtrend line that came in around $1,722. The impulsive nature of the $20 advance in the last two sessions warns of a run at the high.” As of 7:48 a.m. EDT, spot gold was $3.40 higher to $1,732.10 an ounce.

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