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Gold surrenders gains and turns flat for the day

FXStreet (Córdoba) - Gold reversed intraday gains and turned flat for the day after unrest in Hong Kong took boosted the metal’s appeal.

The yellow metal had risen to the $1,223 an ounce area on safe-haven demand amid unrest in Hong Kong where pro-democracy supporters clashed with police. However, gold failed to sustain gains and retreated all the way back to $1,216 where it trades at time of writing, little changed on the day.

Following three weeks of losses, gold managed to end last Friday posting a minor weekly gain although it remains dangerously close to the $1,200 level.

Gold technical perspective

"GOLD is also not happy with the expensive dollar. The price has stopped at the support area 1212-1215 for now and if we take a look back we can see that the price usually makes a quick test of the 1180 support when it drops below 1210", said Vladimir Mihaylov, FXStreet Independent Analyst. "So inside the area 1210-1180 movement is usually quick downside and quick recovery after that. If you make profit on the downside take it and run away".

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