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Gold hits confluence of resistance
Gold has rebounded into the 61.8% Fibonacci resistance level, following a welcome period of respite from the recent decline.
This upside always looked unlikely to last, and with the price having ran into the 61.8% retracement and descending trendline, there is a good chance we will turn lower before long. We would need to see a break above $1217 to negate this wider bearish trend.
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