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Gold turning lower after 76.4% retracement
Gold failed to break through the $1238 mark earlier in the week, and with the price respecting the 76.4% resistance mark, there is a growing chance of another leg lower from here.
The creation of a new lower low last week points towards a potential lower high coming into play. With the respect of Fibonacci resistance bringing about greater confidence that makes such a move occur, there is a good chance that we will fall below the $1212 support zone to bring us into the deeper retracement levels around $1205 and $1195.
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