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Does gold wedge point towards a slowdown?
Gold has been in the ascent over recent weeks, with the price only pulling back from the $1270 mark this week. We have subsequently seen the price break below trendline support.
Given that the uptrend remains in play in terms of higher highs and higher lows, this temporary move below trendline support is not something which seems too ominous. With that in mind, there is a good chance that this current move lower is short-term, with a break below $1248 required to negate this view. In the shorter term, watch out for $1253 support, which, if broken, could point towards further weakness.