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Gold price drops after falter in rally
The rally here stumbled last week, with the price falling back from the first weekly resistance pivot at $1245. Friday saw a rally fizzle out at $1235, creating a new lower high. Now the bears need to see Friday’s low around $1220 broken and a new low created.
If this does transpire, we look to $1208 and then $1196. Buyers need to retake $1235 and then move on to challenge resistance at $1245.