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Gold drops into Fibonacci support
Gold has dropped below trendline support and the 76.4% retracement of the rally from $1218.
Whether we should use the $1218 mark or $1216 for the Fibonacci drawing is arguable, and thus it is worthwhile noting the $1222 Fibonacci support that marks the low of the day thus far. As such, watch for whether we break below here, with a fall below the $1218 level providing a strong signal of further downside to come. Until then, watch for whether we respond to this Fibonacci support level or not.