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Gold keeps holding on
Yesterday’s bounce fizzled out, with gold unable to push above the $1235 level that has become resistance over the past three sessions.
The $1225 level continues to hold, so if this base remains in place there is still a possibility of a rally, although it needs to clear $1235 and then get back to $1250 to suggest a move higher is underway. A drop below $1225 would likely lead to a swift unravelling of bullish positions, and a push down to $1195, the March lows.