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Gold eyes $1240
Last week’s spike higher looks increasingly like an aberration in the general trend here. The $1240 mark is providing some support for the price but if this is broken (and then $1230, the lows from last week) then the risk is that the price undergoes a more significant reversal to $1200.
Some may opt to play the range for a possible bounce in the direction of $1270 or even $1280, but only a break above the latter restores the general uptrend for gold.