Gold continues its daily cycle rally, although the short-term upside potential is not large. As the USD is breaking down, gold might move up for another week or two, and it might reach the previous high at $1360. However, sometime within a couple of weeks gold should take a break moving into a daily cycle low.
That is the short-term forecast, the intermediate forecast is bullish, gold is still in the advancing phase of the intermediate cycle. By the time the intermediate cycle reaches its top sometime in March, gold might reach a price level of $1400.
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