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Gold looks to reverse bearish outlook
Buyers have managed to stem the rout for gold today, with the approach towards the 100-day simple moving average ($1214) evidently encouraging some to go long. However, it will need a close back above $1235, and ideally $1240, to reverse the current bearish outlook.
Rallies have been the cue for selling, and since we haven't seen a noticeable bounce since 19/20 May, this current move may also simply be viewed as a selling opportunity. A move below $1214 targets $1200 and then $1190, and then down towards $1163.