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Gold consolidates above key breakdown level
Gold has been consolidating at the start of the week, following a fall towards $1190 from the four-hour simple moving average (SMA) resistance.
The ability to break below that $1190 level is key to understanding whether we are going to see a wider bearish picture come back into play. Given the lower high posted last week, a break below $1190 would point towards another sharp move lower from here.