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Gold could see $1119
Once again gold has rallied off its lows, but having moved higher it may now become a target for fresh selling. A failure to move on above $1142 could see a turn lower, targeting the key level of $1127 before heading on to $1119.
If it does break $1142 then the price could target $1156. Any further rally really needs a shift in the US dollar strength that has dominated since the election and intensified following the Federal Reserve meeting last week.