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Gold update – Gains above 23.6% Fibo resistance

FX:XAUUSD   Gold / U.S. Dollar
Resistance - $1320.67, $1328, $1335.33

Support - $1310, $1303, $1297.52

  • Gold’s rebound from the low of $1312 followed by a move above daily 5-MA has kept the doors open for a break above $1320.67 (23.6% of May low – June high).
  • Such a move would open doors for a test of expanding channel resistance seen at $1328 levels.
  • On the lower side, a break below $1310 would open doors for $1303-$1297.52 (38.2% of May low – June high).
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