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Gold – watch for a rebound from hourly 50-MA

FX:XAUUSD   Gold Spot / U.S. Dollar
Resistance - $1352, $1358, $1378

Support - $13335, $1328, $1303

  • Despite Gold’s retreat from Monday’s high of $1358 to a low of $1338 today, the overall outlook stays bullish , given the bullish break from the expanding channel seen on Friday.
  • Hence, a rebound from the hourly 50-MA level (now seen at $1341) would open doors for a re-test of $1358. A day end closing above the same could yield $1378.
  • On the lower side, only a break below $1328 (channel support) could yield a test of post Brexit low of $1305.38 levels.
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