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Gold shows no sign of rallying
Gold continues to see intraday selling, as each rally fizzles out. Indeed, the price has recorded a lower intraday high since Tuesday.
A move above $1261 would be a first step, and then above Monday’s high at $1272. This would suggest a bottom is in for now, at least within the context of the current downtrend from the April highs. Possible near-term areas of support are $1245 and then $1236.