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Gold looks set for further downside
Gold has been selling off heavily this week, with the price losing $31 since the Tuesday high. Given the fact that the last two sell-offs from the $1357-1366 resistance zone brought about a move into the $1310 region, there is a good chance we will see further downside to come.
That being said, we are unlikely to see that move come in a straight line, and thus look out for a potential retracement before we turn lower again. The near-term level to watch is the $1328 peak set earlier this morning, where an hourly close above there would provide a signal that this weakness may be challenged in the near term. Until that happens, further downside is still the likeliest event.