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Gold backs away after reaching correction level at $2,336.66

An update here earlier this morning noted how Gold had stalled ahead of a technical level at $2,336.66. That price point represented a Fibonacci correction level of the most recent falls from just above $2,368. Well, since then the price action has delivered a move to reach that objective and actually just surpassing it. The high seen was set at $2,337.16. However, the failure to hold the technical price point has now delivered a drop back, of around $10. At this stage in the day it is not clear whether Gold will have another go at making a sustained move above $2,336,66, or whether it has provided a sufficient corrective run, to now set up a resumption of the former downside trend and retest the recent low, at $2,316,82. Gold is currently trading at $2,329.50 
 

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