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Currency Analyst since 2010

Gold: more of a short squeeze?

XAU/USD recovered from June 28 low at $1,180, breached resistance at $1,267 and $1,325 (23.6% Fibo retracement of the decline from October highs).  

Analysts at Bank of America Merrill Lynch think that the short squeeze is still going on and gold price will manage to rise to $1,439 (channel resistance) before stalling again.

 

Chart. Daily XAU/USD 

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