Gold continues to consolidate in the mid 1800's. We have met strong resistance from a cluster of levels beginning at 1851, with strong resistance from the upper most of these at 1865. Earlierthis month, 1876 proved to be a hard upper bound, and we expect this to hold as a ceiling even if more momentum comes through. From below 1836 and 1826 should hold as a floor for now. Volatility has consolidated notably, suggesting that we may continue to range and establish value in this broad price.
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