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Gold approaching key breakdown level
Gold has been drifting lower throughout the past 24 hours, with the recent rally into the $1235 level providing an ascending triangle formation (higher lows, flat top).
Ultimately, we need to see a break below $1218 to signal a continuation of the wider downtrend for gold. Until then, there is a chance we could continue to create higher lows, with the 76.4% retracement level perfectly marking the low of the day thus far.