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Gold eyes $1350
The recovery yesterday puts the bulls back in charge, with the price now looking for a move to $1304 and the 50-day simple moving average (SMA).
However, given the roll over in the price on a longer-term view, this is likely to be a counter-trend rally that ends up providing a fresh selling opportunity in gold.
We would need to see a move above $1320 to indicate that another retest of the year’s highs at $1350 is possible.