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Gold knocked back to Monday’s lows
Gold has given up the rally from Tuesday’s session, and now a move below the $1320 area would bring $1314 and $1307 into view.
This would then bring the 200-day simple moving average (SMA) of $1303 into play and put the price in oversold territory for stochastics. Given that this kind of price action has then resulted in a bounce, we could be on the cusp of a new leg higher for gold in the weeks to come.