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Gold continues to move higher, yet sellers not far
Gold has enjoyed a particularly consistent uptrend over the past week, with the price moving towards the $1259 resistance level. While we have a very clear uptrend in place over the past two weeks, this is set within what looks like a bearish reversal for gold on the longer-term perspective.
With that in mind, while further gains could be in the cards, it makes sense to look for a potential bearish reversal play from the $1261-$1274 zone (61.8%-76.4%). As such, while we would need a break back below $1235 to negate the current uptrend, a bearish outlook will come back into play should we continue our ascent into those levels.