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Gold: Bulls need to retake 1312 to eases pressures - 2ndSkies

FXStreet (Bali) - Following Friday's price action, the Gold market is starting to provide clues that bears are taking short term control, notes Chris Capre, Founder at 2ndSkies.

Key Quotes

"After meeting the typical 8am EST gold smackdown where the precious metal is hammered without mercy, the precious metal was forming a short term consolidation just above 1290, when the news of a Russian vehicle being destroyed by Ukraine sparked a risk off event, and thus spiking gold higher."

"Although the precious metal closed red for the day, it did recover a fair amount of lost ground, taking back the 1300 level to close just above it. Bulls will be nervous here, because much of the gains were likely predicated on the risk off event, but if we see another round of heavy selling in early London, or around 8am NY time, then expect a second attack on 1290, and potentially a move lower to 1283."

"Bulls will need to retake the key resistance at 1312 before regaining any confidence in the upside."

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