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Technical analysis: key levels for gold

Gold continues its ascent, following a deep intraday retracement. This points towards further upside to come.

Source: Bloomberg

Gold continues to gain ground

Gold is moving higher yet again following a deep retracement yesterday. The fact that yesterday’s retracement didn’t fall below $1262 was key to continuing this bullish uptrend, and as such, further gains seem likely.

Should the price break above $1269, then any pullback would have to break below $1265 to negate the uptrend. For now, pullbacks are there to be bought into, rather than being indicative of a reversal. However, if the price does break the most recent swing low, then this would be a more worrying signal.

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