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Gold’s rallies will continue to be sold
Gold rallies have been firmly sold since late February, and there seems little chance that will change that for now.
A move back to the descending hourly trendline, or to the 50-hour simple moving average ($1224) would provide another chance to short, with only a move above $1235 indicating a base has been formed here. Further downside targets lie in the direction of $1200 and then $1175.