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Gold – Bears exhausted, risk of rebound

FX:XAUUSD   Gold Spot / U.S. Dollar
Gold’s sharp rebound on Friday from the low of $1322 followed by a close above expanding channel resistance suggests the bears may have run out of steam and a sideways to positive action could be seen in the short-run.

Thus, a similar rebound from near $1322 levels if followed by a move above the daily high of $1337 would add credence to Friday’s bullish action and open doors for $135-1358.10 levels.

On the lower side, only a day end closing back inside expanding channel formation followed by a break below $1320 would suggest a retreat to $1300 levels.
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