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Gold: Sellers have a go at key $1,180.00

FXStreet (Bali) - Gold is trading under intense pressure in early Asia, printing its lowest at 1183.00 after an open of 1190 following a $22 loss last Friday.

An improved US NFP last Friday, which allows market participants to be more optimistic about an early start of a US policy normalization, is the main driver in the Gold market.

Technically, gold is likely to be one of the main market interests for the day, as the price is teetering on the verge of collapse, as a breakout of 1180 (June 2013 low) would represent a new multi-year low, not seen since August 2010.

Once clearance off the level becomes a reality, 1155-50 looks like the next target for shorts. On the upside, recoveries should encounter strong selling interest at 1200 round number ahead of 1213-23 supply zone.

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