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Approaching its key support at 1268.
• Gold has moved below its recent lows indicating a persistent bearish trend. Monitor the key support at 1268. An initial resistance can be found at 1306 (24/09/2013 low). A resistance area is defined by the declining trendline (around 1346) and 1354.
• The medium-term technical configuration remains biased to the downside given the break of the rising channel and the longer term bearish trend. Key supports are at 1268 and 1181, while a key resistance stands at 1434.
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