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Gold continues to decline
Gold is pausing following yet another leg lower yesterday. The break below $1236 last month pointed towards further downside, and that is playing out nicely. The break below $1205 (July 2017 low) and the $1200 handle points towards a clear disregard for support, with further downside likely.
While we are seeing the price start to turn higher, shorts look preferable. With that in mind, it makes sense to look for a decent retracement before going short, or else a short at the $1191 level should this rebound prove short-lived.