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We have been bullish about buying gold since it ran into key support down near 1130-1140, a level we discussed as a potential buying area months ago. There is potential for gold to run into 1245 or possibly higher, and our strategy is to look to buy the dips this week. Traders can watch support near the 21-day ema or 1187 as the closest area of support to look to buy from on any weakness.

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This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.