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Gold drops back but broader rally still going
The broader uptrend from the August lows remains intact, although the price of gold has faltered at $1230.
Oversold conditions on the hourly chart suggest we may start to see buyers emerge, with the price then targeting $1230 and then $1236. A move below $1220 would be viewed as bearish in the short term, and then rising support at $1205 comes into play.