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Gold looking unsure
The nascent gold rally has taken a nasty knock, dropping back rapidly from $1257 and the 50-day simple moving average (SMA), but finding buyers around $1235 and the 200-day SMA.
A close below $1240 would negate the positive outlook created last week, and open the way to $1214 and then $1195. If the buyers can hold $1240, we may see a resurgence, but for now the picture is quite uncertain.
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