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Gold back on positive pathway
Following on from a period of weakness in late March, gold has begun to climb once more over the past week. This morning has seen initial gains erased and thus some form of retracement is a distinct possibility.
However, this would be deemed to be a short-term move should it occur and a bullish view holds unless we see an hourly close below $1238. For any such retracement, Fibonacci support levels at $1247, $1245, $1244 and $1242 would be the support levels to watch.