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Gold trading at $1678.40

Gold’s near-term structure improved slightly Thursday, as the price broke again above the triangle resistance and held in the upper area of redefined range, as the floor raised towards the 1666 zone (06/05 February lows). According to Slobodan Drvenica an analyst at Windsor Brokers Ltd., “With a near-term focus being shifted higher, further range-trading could be anticipated, while the upper boundary at 1684 stays intact.”

Moreover, “A sustained break here is required to resume a recovery rally from 1651(28 January low) that has so far been capped at 1684 (recent tops and daily Ichimoku cloud base). An hourly 55-day EMA offers initial support at 1675, ahead of the broken bear-trendline at 1670.” Drvenica adds. At the time of writing the price of gold has settled at USD $1678.40 Thursday, having jumped recently.

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