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Gold could test support at $1200
Gold prices failed to push on yesterday, so we look for some more downside back towards $1220 and then $1200, so long as $1240 remains the key problem for bulls.
A move above here is still lacking so the downside case appears to have the upper hand.
As a result, rallies back towards $1236 and the intraday pivot should be sold, with a view to a test of support around $1200.