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Gold heading towards critical support zone
Gold has continued its decline, with the failure to break through $1326 leading us to yet another move to the downside. This has brought us within reach of the crucial $1307 support level.
The $1303-$1307 zone represents the lower boundary of a four-month range, where a break below would likely spark a strong move lower for gold. Until this happens, there is a good chance we will see another move higher before long. Look out for the creation of a new higher high to signal the beginning of a bullish phase. That would currently come with a break through the $1320 swing high.