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Gold testing wedge top
Gold is testing a descending trendline this morning, as we start to see some signs that the recent downturn could come under pressure. The continued creation of lower highs and lower lows provides us with a reason to believe that the trend remains in play for now, yet a break and hourly close above $1181 would provide a signal that we are set for some short-term gains.
As such, watch out for whether this trendline breaks and whether $1181 remains intact as a gauge of whether this downtrend will continue apace.