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Gold – Holding gains but a few big tests lie above
Gold is also trading marginally higher today and struggling around a notable resistance level, $1,960. It broke through $1,940 yesterday on the back of the inflation numbers and has now entered retracement territory where a few key levels will be put to the test. From a technical standpoint, those are the 38.2%, 50%, and 61.8% Fibonacci retracement levels – May highs to June lows – which happen to fall around $1,960, $1,980, and $2,000, respectively. chart A break of these may indicate that gold is back in bullish territory, although the price may face some resistance in the interim. A look at the 4-hour chart ... (full story)