Whatever it was that had been troubling gold prices in the 4th quarter of 2012 looks to have passed as gold shifted its longer-term micro pattern higher overnight to now shift the majority of its tradable patterns higher – see chart. Support from the secondary pattern just above 1620 held in early January and after a struggle here at the 1690 level gold has now given us 2 closes above that level on the 4-hour chart. Just because resistance at 1690 is breaking down does not mean we run out and buy gold, but it does make dip buying more attractive.

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