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Gold gathering support
It is still too early to say whether gold has bottomed here, but we have seen some support develop around the $1260 zone.
For now the downward trend remains intact on the hourly chart, and a push below $1260 would create new lower low. If the price can regain $1270, we may see the beginning of new bullish momentum, although it would be better to see a push back above $1276 to provide confirmation.