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GOLD weakening... Stay sideline for a good TGIF!!

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Gold Technical Analysis


After struggling to hold a push above the 78.6% Fibonacci retracement, gold has fallen back below 1766. Still, the breakout above the long-term falling trendline from earlier this year remains a notable bullish pivot. The speed of gold’s recovery of late means that the near-term 20-day Simple Moving Average is still quite some ways away from current prices. Key resistance is the August high at 1807.

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