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Gold to try and buck recent trend
As with indices, gold’s behaviour yesterday was a carbon copy of last week – a higher open, then a move lower. Two attempts to break $1175 yesterday failed, so this is the first upside level that needs to be breached. Further gains will require a move back above $1180 and then on to the 50-day simple moving average at $1188. What has become apparent in recent sessions is that the area around $1160 - $1165 is providing good support, with buyers stepping in. With the price now moving back above a rising 50-hour SMA ($1168), buyers may continue to step in for another attempt to challenge $1175.