Spot gold found support at $1500/ounce. Failure of this level would confirm a primary down-trend. Breach of the descending trendline would indicate that a base is forming, while recovery above $1800 would indicate a fresh primary advance to $2300*. We are unlikely to witness another bull-trend, however, unless the Fed introduces QE3.
* Target calculation: 1900 + ( 1900 – 1500 ) = 2300
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