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Gold under selling pressure
Gold continues to succumb to selling pressure, dropping back below the key long-term downtrend line that runs back to the 2011 high. A steep retracement over the past few days could now see buyers emerge, as they look to hop on board the rising trend off the July lows.
A close below $1264 would be another bearish development, and raise the prospect of a move back to the area around $1250.
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