Gold consolidating after $1130 breakout

  • Gold has been caught within a tight range since breaking below the key $1130 support level, but the downtrend remains very well intact
  • The yellow metal wasn’t really in demand even during the Greek & Chinese drama last month, so it would take a significant risk-negative event or really bad US econ data to change the trend
  • The key level to watch to the topside is $1130; a rally there would be an excellent selling opportunity, with a stop at $1142 and a target of at least $1070


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