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Gold sells off into Fib support
Gold managed to post another leg lower on Friday, following on from a significant deterioration earlier into last week. We have now seen price fall back towards the 76.4% retracement level, which could provide an interesting area for longs. Given the short-term downtrend, another leg lower would not be surprising.
However, with price now coming into the lower end of a bullish descending triangle pattern, another move towards the upside seems likely soon enough. This bullish view remains unless we see a closed daily candle below $1300.