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Gold nearing the top?
A reversal yesterday from $1245 may mark at least a short-term top, although oversold intraday conditions and the 200-hour simple moving average at $1221 are providing sufficient fuel for a rally.
We will have to see how the bounce is treated – if it moves towards $1235 and then runs out of steam we have a good selling opportunity, which could target $1211 and then $1197.