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Gold turning lower from key resistance
Gold is moving lower from the 100-period simple moving average (SMA) (4-hr) region this morning, in what looks like it could be another move into trendline support.
There is still a strong possibility that we are simply seeing a retracement of the $1260-1306 rally, and as such, a bullish reversal could still come into play before long. However, we have not yet seen a sign of such a move, and as such there is a good chance today’s short-term moves will be to the downside.