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Gold lower highs and lower lows continue
The bears continue to hold sway in gold, as the price pushes through last week’s low and the current pullback extends for yet another session. A potential support area could be $1246, followed by $1240, and then the 200-day simple moving average (SMA) at $1237.
The hourly chart continues to exhibit a sequence of lower highs and lower lows, so unless this is broken the selling will continue.