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Spot gold accelerated a further drop losing 1% in Asia / early Europe trading on Monday and adding to Friday's 1.1% drop.
The stronger dollar keeps the metal under pressure as investors are turning focus to Fed's policy meeting later this week.
The market sees recent spikes in inflation as a temporary happening that reduced demand for the yellow metal, used as a hedge against inflation. However, slight optimism that the Fed policymakers may start discussions about tapering and possibly hint changes in the monetary policy amid improving economic conditions could further reinforce the greenback.
Fresh bears cracked important support at $1,855 (June 4 trough), a break of which would complete a failure swing pattern on the daily chart and signal further weakness.
Extension of a pullback from $1,916 (June 1 peak) would face pivotal supports at $1,840 and $1,825 (Fibo 38.2% of $1,677/$19,16 upleg) with a break here to confirm a trend reversal.
Rising bearish momentum and south-heading RSI / stochastic on daily chart support the near-term action. Upticks need to hold below $1,877 (bull-trendline off $1,855 higher low) to keep fresh bears in play.
Res: 1,866, 1,877, 1,883, 1,888
Sup: 1,855, 1,840, 1,825, 1,815
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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