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Gold pushes lower
The drop continues here for gold, with the price now probing the 100-day simple moving average (SMA) at $1272.70. For now, however, any turn higher would still be a buying opportunity in the trend off the December 2016 lows. Anything that holds above $1214.00 is a higher low, with a close beneath this level needed to reverse the, still bullish, longer-term view.
However, as long as the price remains below $1290, rallies will continue to be sold. Gold bulls may have to endure more pain for the time being.