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Gold: Break of 1139 puts 1000,1070 under focus - 2ndSkies

FXStreet (Bali) - Chris Capre, Founder at 2ndSkies Forex, notes that Gold is currently forming smaller corrective moves, expecting the price to continue breaking lower.

Key Quotes

"After breaking through the 1180 multi-year support last week, the precious metal consolidated for 4 days before heading lower. The PM has now formed another corrective structure/consolidation on the lows, but this one looks to be a tad smaller."

"I'm expecting the price action to break lower from this consolidation, but any weak rallies into 1162 I'll look to sell. A break below the current yearly lows ~1139 put 1000 and 1070 under focus."

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