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Gold downturn brings market into key support zone
Gold has continued its decline, with the price approaching a crucial area of support around $1317-$1320. That zone marks both a notable swing low and the 76.4% retracement of the wider move.
That looks like an interesting zone for long positions, with a break below $1307 required to negate the bullish outlook that was determined by the uptrend in place over the past two months.