Lets remove all the technical indicators and moving averages and just look at a line chart of the gold price over the last two years:

Gold (2 year)

Despite widespread disinterest and bearish sentiment on the yellow metal the price of gold in US dollar terms remains in an uptrend and in the upper quartile of its 2-year range. The price action against the backdrop of gloomy sentiment makes me positive on gold - a resolution to the recent range-bound price action probably isn't far away (support: $1260-$1270, resistance: $1300). 

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