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Gold heading to critical support level
Gold has continued its downturn, with the recent break below 76.4% support pointing towards a potential impending breakdown.
For that to happen we need to see a break below $1236 support, bringing a breakout from the triangle formation that has been in play over the past two years. For the short term, look for a break through $1260 as a signal of easing near-term weakness. Until then, further downside looks likely.