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Gold begins to turn lower
Gold is in retracement mode, with the price turning lower this week following a stellar run of late. This pullback is unlikely to be anything other than a short-term retracement.
However, that does not negate the potential for further immediate downside. Watch out for near-term trendline and horizontal support. Still, as long as we do not break below $1306, then an upside reversal looks likely before long. Should the price fall below that level, then the recent uptrend could come under pressure.