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Yesterday saw gold take another leg lower, as the wider retracement continues at pace after the trendline rejection earlier in the month.
The break below $1322 means we are now looking at a good possibility that this retracement will be break below $1305, which would point towards a deeper retracement of the June 23 low.
As such, while this market is clearly trending lower, it could be worth awaiting a potential break and closed hourly candle below $1305 to signal another round of selling towards $1280. Any rally will be looking towards £1322 and $1338 as key resistance levels.