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Gold is going up!!

Two new headlines in today's papers are as follows:

1> Bush: Permanent tax cuts will help economy

2> China again indicates it will diversify its reserves away from US Dollar and US govt. bonds.

These two headlines indicate one thing. Gold is going up on Monday. The gold and silver have been in a range for the entire day [at the time of writing]. The Gold has been trading a range with very low volumes and looking for direction. Taking the cues from global market the likely move in gold is bullish.

Conclusions: Gold remains bullish and is headed for higher levels.

Happy Weekend

:) Falkor

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