| Gold has dropped below its key support level near $1150, taking it to a new five-and-a-half-year low and setting the next support target near $980. The historical support level for gold is near $1180 so when the price dropped below this level last November many traders expected the price to continue falling towards the next support level near $980.
This did not develop and gold rallied and moved sideways. Historical support near $1180 failed and a new support level developed near $1115, which created a strong support band between $1180 and $1115...............................................Full Article: Source
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