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Gold prices slowed last week after climbing sharply the previous week.
Gold prices exploded upward last week, gaining almost $100 per ounce.
Last week, gold prices declined again to previous support levels, forming a “triple bottom.”
Last week, gold prices continued moving up from the “double bottom” formation that signaled a coming reversal.
Gold prices declined to the previous low set in September, forming a double bottom at around $1,620 per ounce.
Gold prices retraced back to the resistance/support line, closing last week at $1,648.90 per ounce.
Last week, gold prices broke through the resistance line, indicating a reversal of trend to the upside as they climbed toward their 50-day moving average.