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Gold on the drift lower this morning
Yesterday the rebound in Gold saw it peak around $2,335 ahead of the US close. The metal later closed in the US at $2,334.65. However, it has been on the drift lower so far this morning. So, if we take the latest high at $2,368.74, to the low seen the same day on Friday, at $2,316.82, we can plot a 38.2% correction of that fall, at $2,336.66 and perhaps that might explain why that price point has clearly capped any rebound since the low on Friday. If you care to look at a chart of the price action since last Friday you will see what is highlighted here. Also the price action since the lows has mostly been of a sideways nature. That is not exactly a positive backdrop for Gold right now and might help explain why it has just now fallen to a session low at $2,322.82
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