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Gold turns lower again as it heads towards support zone
Gold has been selling off sharply over the past week, falling back from the 76.4% retracement level. With the price having dropped below the wider 61.8% retracement, there is a strong chance we will continue to head lower over the short term.
Watch out for the area between the ascending trendline and 76.4% as the next support zone. Should we break below that, it would provide greater confidence that we are going to see a wider downturn for the price of gold.