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Gold crashes through key trendline
Yesterday saw gold break through a crucial support trendline, with a subsequent move lower passing through the key $1263 and $1257 support levels. While this is certainly not a good sign, it can also be seen as a retracement of the late April rally and thus the 61.8% and 76.4% pullbacks could be good areas for the buyers to come back in.
This is clearly an overextended move lower and as such, it does not seem worth chasing it lower, especially with a trendline support convergence around $1250. Thus while we have seen a big move lower, it seems more likely that we will see a bounce today than another move lower.
Thus be in the lookout for any intraday bullish reversal patterns for a retracement of yesterday’s losses. Key support levels are found at $1250 and $1245, with resistance at $1257 and $1263.