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Gold in the balance
Neither buyers nor sellers are displaying much conviction at present in gold, with the price still bouncing along above $1250 but unable to move meaningfully above $1265.
Without a firm push higher, this is looking more and more like a consolidation ahead of a new move down to $1200. Bears could continue to put in fresh shorts with stops around $1265, with a view to taking advantage of a drop to $1200.