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Gold consolidates
Gold is trading sideways at the beginning of the week, coming off the back of a sharp rally. The recent gains have been relatively consistent, with the current consolidation looking similar to that seen in the middle of last week. With trendline support coming into play in the short term, there is a good chance we could see a move higher from here.
An hourly close below $1252 would signal a potential move into the $1245 region. Bear in mind that the wider picture looks to provide a more bearish outlook and thus that trend is expected to kick in once more. However, for now it still looks like any pullback would be a retracement before we push higher once more.
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