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Gold trading back at range support
Gold sold off nicely into the $1206 support level yesterday, with the price respecting the $1216 range resistance once more. Given gold is currently trading at the lower end of this short-term range, there is a chance we could rebound once more.
However, with a wider bearish trend in place, the breakout is expected to eventually come to the downside. As such, look for how gold responds to this support level as a determinant of direction going forward.
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