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Greek drama fails to push gold higher
Having failed to hold $1200, I am now watching for a break of the 50-day simple moving average at $1194 to signal fresh downside in gold. There is a rising trendline off the June lows, which suggests we may see some support come in around $1180, which would see the price break through the 100- and 200-hour SMAs at $1191 and $1187 respectively.
Alternately, a rally from this point would go on to challenge $1206 and the 200-day SMA, with a close above here targeting the May highs above $1220.