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Yesterday saw heavy losses for gold, in its worst day for the month. Much of the early June rally has now been unwound, and while we may see some short-covering here and a consolidation period, the overall trend remains down.
Thus, so long as the price holds below $1280 we should see a continued move down towards the 50-day simple moving average at $1256, while below this the index will target $1243 and the 100-day simple moving average (SMA).