With the continued downside pressure of the past few days, the gold price is once more back into range of a test of the key 144 day moving average (currently $1282.95). Daily momentum indicators are not especially positive though and suggest that downside pressure is a problem still and a retest of the early April low at $1277.29 should not be ruled out. The hourly intraday chart shows that much needs to be done for the bulls to regain control, with rallies increasingly now being sold into. There is now resistance in the band $1300.90/$1304.30. Expect further pressure on yesterday's low at $1281.40.

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