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Gold moves into trendline confluence
Gold has sold off into a key confluence support this week, with long-term ascending and descending trendlines converging at the $1269 mark. This could be a crucial turning point for gold, which has been selling off consistently over the past month.
Ultimately, we would need to see a break up through $1290 to negate this current downtrend. However, watch out for a potential bounce from here, even if it could just be a retracement of the recent leg lower.