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  • Gold moved in on a critical support area overnight following Powell.
  • Gold dropped out of the rising interim channel and the case is building up for a continuation of a southerly trajectory within the descending wedge.
  • Bulls can target for a  close below the 38.2% Fibo at  1275 and look to 1266.
  • Prospects are for a run down to  the 200-D EMA and the confluence area of the 50% retracement target of 1250/1253 respectively.

4HR chart

Daily Chart