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Gold bulls will not have been pleased to see the 50-day simple moving average (SMA) – $1250 – so soon after the late April surge. However, if they can hold this area then a bounce towards $1265 may materialise.
A break below $1250 would head towards $1220 and then the 100-day SMA at $1210. Any failure to close above $1265 however, would raise the risk of fresh selling.