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Gold eyes $1130
The commodity is testing the rising trendline once again, and with the sharp reversal from the highs of Wednesday a new downtrend may be beginning.
If the price moves through support at $1108 then this would indicate that the next areas to watch are $1103 and then $1094.
Meanwhile, any bounce above the rising hourly trendline would target the week’s highs around $1127 and then on to the long-term downtrend line at $1130 (and the 200-day simple moving average).