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Gold - Easing Back To Key $1240 Level

By Stuart McPhee

Gold for Wednesday, February 4, 2015

Since the beginning of this year gold has enjoyed a very solid few weeks which has seen it surge to a five month high near $1308, before easing back over the last couple of weeks back down below $1260. It A couple of weeks ago gold eased back a little and steadied below the $1280 level after surging to that area and a four month high, before its recent strong surge higher. Over the last month gold has been on the move as it has been able to rally strongly from around $1170 back through the key $1200 level and to a 12 week high just above the $1240 level before its further surge higher in the last few weeks. Despite this recent break, the $1240 level remains key as it has provided plenty of resistance over the last few months and is now likely to play a role should gold retreat back to…