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There seems little end in sight to gold’s bear run, having smashed below the 50-day simple moving average and continued to retreat towards the 100-day SMA at $1213.
During March and April the $1220 area stemmed downside movements, so bulls will be watching this, but given the rapid break lower of recent days it is still likely that rallies will be sold. The next target below the 100-day SMA is $1180.