Gold is ripping higher as Asian markets open trading for the week:

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While $1300 now becomes support, the $1321 level is of much more significance over the near term as this level is likely to serve as resistance:


With bearish sentiment at record extremes and commercials at their most bullish positioning in over a decade, gold is poised for an 'overshoot' to the upside ($1375-$1425). However, for the time being it's all about $1321.