No need to rush into a long position yet though, is not oversold yet, and we have not reached the previous lowest close around 1188 and lowest low around 1178, so there is still margin to the downside.
I guess that gold will try and test these levels before all the buyers who were waiting to break the 1200 level will start to push prices up again.
I'd advise to wait at least for a around 1180 with divergence before buying.
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