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Gold continues to hold up above key support
Gold has once more returned to a crucial trendline support this morning. In a clear potential topping pattern, we are awaiting confirmation of a head and shoulders pattern with a break and hourly close below $1276-1278 support zone.
Yesterday saw yet another retracement from this area, with the 76.4% pullback hit on the nose.
As such, it is worthwhile awaiting a break to confirm this bearish pattern. Until we see such a breakout, another retracement higher could be on the cards, with $1288 the nearest key resistance level.