Gold closed down on Tuesday, just below the 21 day moving average. You can see that the body of Tuesday's candle covers the wick of yesterday's candle. That means that the sell-off today was not met by strong buying. We've also had 2 strong Heikin-Ashi candles in a row (see chart below). All indicators are pointing to a continued sell off and I am maintaining my first price target of 1235.30 which is the lower Bollinger Band.
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