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Gold dip reverses last week’s gains
Today’s drop in gold puts the asset below its 200-day simple moving average – $1176 – once again, reversing the sharp rally we saw last week. The level to beat on the upside is now $1190.
Rising trend line support comes into play at $1170, with a close below this level threatening to send the metal moving back to $1162 and then on down to $1140. If the trend line holds then a bounce to $1190 would suggest a test of the area around $1210.