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Message: XAU Index

The XAU Index is coming down from overhead resistance at the 110 level. For weeks now the Index has consolidated its big previous decline in the 96 to 110 range. Was the bottom reached in this area? It appears a retest of recent lows is in the makes. Caution appears warranted at this time as having touched and failed to trade higher past the declining 50 day average line at 109.96 area is causing the Index to lose its footing.

http://stockcharts.com/h-sc/ui?s=%24xau

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