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Gold heading down
Gold surrendered a lot of ground yesterday, falling back below the summer descending trendline. If downside momentum gathers pace, a break of $1240 could open the way to the 50-day simple moving average at $1228, and then on to $1215 and $1200.
A rally would run into trouble around $1247, and it will take a recover of $1250 to put the rally back on track.
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