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Gold fails to hold above $1,240

FXStreet (Córdoba) - Gold rose during the European session to $1,242 reaching the highest price since last Thursday but failed to hold above $1,240 and lost $10 in the last hours.

After Wall Street opening bell price accelerated the retreat from the highs and bottomed at $1,231.50, around the area of yesterday’s American session lows. The value of the ounce remains near the lows around $1,233; at the same level it had at the beginning of the day.

XAU/USD technical outlook

Spot gold continues to move with a bearish bias but in the short term is giving some signs of stabilization. Today’s rejection from above $1,240 could suggest that is still not ready for a major recovery.

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