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Gold rally takes a breather
Gold is pulling back this morning, with price ranging between $1267 and $1273. Should we see an hourly close below this level, it would point towards a deeper retracement of yesterday’s rally, with trendline and Fibonacci support coming into play.
We would need to see an hourly close below $1260 to negate the bullish view, with any short-term pullback looking like an opportunity to get long for a move back above $1273.