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Having failed to make a concerted break towards $1400/oz, the price of gold has now fallen back some 4.7%. Despite this, It is finding bids at $1320 from the rising trendline support of the $1180 lows. Any further declines below this juncture could see the yellow metal dip back towards $1308/oz in the near term.
Important to note is the emergence of the golden cross formation. The 50-day moving average has not found any confluence with the 200-DMA since gold prices were at the meaty level of $1665, which ultimately coincided with the beginning of the overall decline of 29% last year. This meeting at $1300/oz should provide steady support should the current selloff continue to find a bias.
Given the likelihood for stops below this level, one could expect an additional spike downwards if the gold price fails to hold on to this psychological level, and could well see a deepening decline towards $1272. Any moves back through the previous resistance and support level of $1362 could imply that a test of $1394 is on the cards.