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Gold dropping down
It seems that we will continue to see gold weaken, with the pullback in a broader uptrend still playing out. Trendline resistance has held back gains over the past two sessions, and a drop through $1275 would likely open the way to $1264, the previous high in this rally.
Bulls will need to wait until we see the price move back to $1253 and the 200-day simple moving average (SMA), or even down to the rising trendline around $1245.
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