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Gold pullback looks like short-term retracement
Gold has managed to rebound from the crucial $1306 support level, with the creation of higher highs and higher lows pointing towards a possible extension of these recent gains.
With the price moving lower this morning, there is a chance we are seeing a retracement before we push higher once again. As such, watch out for Fibonacci and trendline support as potential buying opportunities. A break below $1311 would be required to negate the expectations of another move higher over the short term.