GOLD (Spot) intraday: turning down.
Pivot: 1488.00
Our preference: SHORT positions below 1488 with 1441 & 1423 in sight.
Alternative scenario: The upside penetration of 1488 will call for a rebound towards 1507 & 1540.
Comment: the 50 moving average is turning down and the RSI is capped by a bearish trend line. A consolidation seems more likely, as long as 1488 is resistance.


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