GOLD TECHNICAL ANALYSIS – Prices put in a Bearish Engulfing candlestick pattern below resistance at 1297.75, the 38.2% Fibonacci retracement, hinting a move lower is ahead. Near-term rising channel support is at 1265.34, with a break below that eyeing the 23.6% level at 1252.80. Alternatively, a move above resistance sees the next upside boundary at 1334.08, the 50% Fib.
Daily Chart - Created Using FXCM Marketscope 2.0
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