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Gold continues ascent within wedge
As expected, gold managed to break higher yesterday, with a new high created in the wake of a bounce from the four-hour 50-day simple moving average (SMA).
We are clearly moving lower for now, with the ascending trendline wedge support coming into play. A wedge is a bearish pattern, yet until we break to a new low (below $1259), the uptrend remains in play.