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Gold could see $1240
The commodity continues to bumble along above $1250, as the post-slump consolidation goes on. However, so long as the price holds below the 200-day simple moving average (SMA) ($1262), the sensible approach would be to sell rallies.
A move through $1270 might suggest a new uptrend is in play, but for the moment the bears have the upper hand, with a first target down at $1240.