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Gold is faltering
Gold bulls staged a fightback on Friday but were unable to post new highs. Today the selling appears to be resuming, and on the four-hour chart a new lower high has been established.
A close below $1240 in this timeframe could open the way to the 200-period simple moving average (SMA) at $1234, and then down to $1219, with a drop below here raising the prospect of a move to $1195. Buyers will need to get the price back above $1250 and then $1260 to indicate a return of the upward momentum.