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Gold still holding below technical resistance

Yesterday, as covered in an update here at the time, Gold rejected a move above its 21 day moving average. The rebound from the low at $2,016.96 stalled right on that level when it topped out at 2,036.93. Hence, selling interest at the level capped the rebound and the metal slipped back towards 2,025 ahead of the close. Gold later ended the US session at 2,028.07. It has rebounded today though, but so far that 21 day moving average has continued to cap the topside. That is in place right now at 2,036.78. The high seen so far today has been set at 2,035.92. Therefore, it remains to be seen, if this price point will continue to cap the topside as the day unfolds. The prospect of stops and renewed buying interest above this 21 day moving average is also a possibility should the level get taken out at some point. The low seen earlier today was set at 2,028.05. Gold is currently trading at $2,033.60
 

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