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Gold potential for a bounce exists
There has certainly been little sign that the gold pullback is about to turn, but if the price can hold above the $1225 low from yesterday the potential for a bounce exists. Some resistance could be provided at $1239, but once above $1240 we could see bullish momentum accelerate.
Support is possible around the 100-day simple moving average (SMA) at $1221, but a move below here would suggest a move back to $1195, last seen in mid-March.
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