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Gold Bulls Now Have Their Work Cut Out For Them

Gold Bulls Now Have Their Work Cut Out For Them

Gold faces some potentially heavy overhead resistance beginning at $1,270.

Tax reform, economic and equity market strength are still a pressing problem for the gold market.

We also discuss why short sales of gold are discouraged.

Gold closed at its lowest level in four months on Thursday after breaking under the pivotal $1,267 level (the Oct. 6 intraday low) earlier this week. A bounce in the dollar and a flash of investor optimism over U.S. tax reform plans also conspired to suppress the gold price.

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