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Will gold rebound have legs?
Gold has been regaining ground since rebounding from the $1306 support zone last week. However, until we see a break above $1341, there is a worry that we are simply seeing another retracement before we turn lower once more.
Yesterday’s losses brought the price into an interesting support zone of $1315-$1317, which raises the likeliness of another turn lower following the 61.8% retracement. However, such a move is not clear yet. Watch out for a break back below $1317 to provide a more bearish outlook, while a break above $1341 would be required to negate the chance of another turn lower.