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Gold fails to break key upside resistance
Gold managed to temporarily break above trendline resistance, but with the inability to push above the $1307 mark, there is still a strong chance of near-term downside to build on the weakness seen over the past month.
Once more, a break above that $1307 mark would signal the potential for near-term upside, even if it was a retracement of the $1326-$1282 decline. However, until that happens, there is a strong chance of further downside to come for gold, with an hourly close below $1296 required to provide a bearish short-term outlook.