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Gold showing initial signs of weakness
Gold has failed to create a new higher low, with the move back to $1259 support overnight. This is the first time in three weeks that we have seen such an event, and it could signal the beginning of a more bearish period for gold. For that to come to fruition, we would need to see an hourly close below $1259.
Conversely, for the bullish outlook to remain relevant, we would need a break through $1269.