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Gold dropping from trendline resistance
Gold has been gradually moving lower following a rally into a long-term trendline resistance. This morning has seen the overnight consolidation continue apace, providing us with little clues of the next move.
It looks sensible to short into any move higher, as long as we do not break through $1292. This is a play on the notion that we will continue to pull away from this major trendline, with a significant amount of room to the downside to fall into without breaking the wider uptrend.