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Gold rallies back into Fibonacci resistance
Gold has managed to break back through the crucial $1214 resistance level this morning. The original break below that level seems to pave the way for further downside on a wider timeframe.
Whether we are going to see some form of a rebound before that next leg lower remains to be seen. For that to look likely, we would need to see a break back up through $1229. Until that happens, shorts look attractive from the 61.8%-76.4% retracement zone ($1220-$1223).
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