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Gold pulling back, yet further upside seems likely
Gold has been pulling back since yesterday’s rally into a new nine-month high, with the rebound overnight coming short as the price heads back towards the low of $1305. A break back below that level would point towards a likely continuation of this short-term weakness.
However, until we see a break below the $1275 level, the current period of weakness would look likely to be a short-term move before we push higher once more.