Gold : Gaddafi rally gains momentum

Gold is consolidating near the US$ 1400 mark, but is poised to go higher when key resistance at 1409 is taken out. There is a good chance 1420 will be seen over the next 24-36 hours, with a breakout above this level entirely possible should the situation in Libya deteriorate, which looks likely. Spot gold has major support at 1387 or so, and an initial level at 1390-1392.

 

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