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Gold looking for short-term gains
Gold has been drifting lower over recent weeks, with the price once again hitting a new intraday lower low yesterday.
We are starting to see some initial signs of strength come into play, with a strong chance we will see a move back into the 200-day simple moving average (SMA) on the four-hour chart. A break above $1207 would signify a bullish breakout from this phase, yet until that happens we are looking for a possible retracement into the SMA to continue the recent trend.