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Gold turning lower, yet is the retracement over?
Gold has been turning lower following a deep retracement past the 76.4% level over the past three trading days. Yesterday’s failure to create a new higher high in the afternoon was a telling sign that the bounce could be over and so we have seen the price of gold fall as a result.
There is still a story over whether we are simply creating a new higher low here, with a break back below $1128 required to put that idea to bed. Until then, a bearish outlook remains in place unless we break through $1145, with a break below $1127 providing greater confidence of this view.