Dips may continue to look attractive - Gold

FX:XAUUSD   Gold Spot / U.S. Dollar
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2011 decline has wiped out bullish sentiment from overstretched speculative funds as well as ETF investors.
The gold market found a solid base at $1,046 per oz where the reversal trend has started - which suggest that one cannot be overly bearish towards gold and dips should remain well-supported.
With the trend reversal underway, we see gold price to retrace higher and likely to take months for it to play out. This is part of the process of unwinding years of short positions and to allow the market to rebalance.

That said, this technical outlook lies on the premise that there is:
1) strong technical buying on the breakout zone of the multi-month downtrend line
2) a potential hiccup in the global economy which led to safe-haven demand
3) process of unwinding easy monetary policies by global central banks made a big U-turn
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