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Gold back below $1178 and trending lower
Gold has been steadily trending lower this week, with clear lower highs and lows. However, yesterday saw the price fail to move below the week’s low of $1169 and the selloff so far this morning has also failed at that hurdle. This is an indication that possibly we are going to see the price consolidate between $1187 and $1169. As such, while the price remains above $1169, I am looking for a move higher with the first major resistance point coming at $1175.