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Gold rebounds comes under pressure
Gold has been drifting lower since yesterday’s early push higher, with the price coming close to testing the 76.4% support level at $1254.
The wider context shows a strong potential for a rebound from this recent push higher, yet we need to remain above $1251 to provide a continued bullish theme. As such, a bullish outlook remains, but a break below $1251 would raise the likeliness of a challenge of the critical $1236 support level.