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Gold continues bounce from $1180
Is gold creating a higher low? That will be the question many are asking this morning, as the price bounces from $1180. To be sure, we will need to see a rally though the $1215 area that has stymied progress since mid-August.
This would break both horizontal and trendline resistance. A bounce back towards $1215 is possible in the near term, but if it fails to break this level it becomes a possible selling opportunity. A drop back below $1180 and a close below this level brings $1160 into play again.