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Technical analysis:
Gold has been trading downside in the background but I found that supply overcame demand, which is good sign for the further downside movement.
Due to the rejection of the resistance level in the background and supply present, I see potential for the further drop towards lower references.
Downside objectives are set at $2.032 and $2.017
RSI oscillator is showing downside rotation toward 50 level, which is sign od indecision and the breakout of the rising lows.
Key resistance is set at $1.270
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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