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Pressure on gold rises
The break below $1240 looks to have handed the initiative back to gold’s bears. Last week’s low at $1236 has also now been broken, and a close below here, and ideally below the 200-day simple moving average (SMA) at $1236, would open the way to $1223 and then $1214.
Bulls would need to recover the $1240 level and then push on above $1245 in the short-term, in order to suggest a move higher is underway.