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Gold could see a move to $1170
It looks increasingly like gold has overreached itself. Having spent two days trying to move on beyond $1200, the rally has apparently spent itself.
A move below $1180 would open the way to $1170 and down towards the rising daily trendline.
With daily momentum indicators such as relative strength index and stochastics now bearish, the most effective course may be to sell on strength as bounces appear.