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With the gold price going below the previous low of the year, there is little doubt that the gold price is going to 700. The question still is, will it go after an upward retracement or without an upward retracement. I still believe that there is a possibility of an upward retracement. Today's closing will give a better idea of the price movement for the week. My expectation is that the gold price will retrace above this month's high and close near that level. Level 2 set up still shows the possibility of an upward retracement.
