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Gold at key support area
Gold has been pulling back sharply over the past two days, yet has tumbled into a crucial support area, with an ascending trendline and 76.4% Fibonacci retracement in play. Given the failure to regain $1357, there is clearly a good chance that we will see another leg lower over the short-term.
However, for that to occur, we would need a break below $1330 to continue this countertrend sell-off. Given the respect of this trendline, it is certainly worth watching to see if the bullish long-term view can feed into the shorter term, with a bounce from here.
Alternately, should we see an hourly close below $1330, then longs around $1322 look attractive.