Yesterday, gold witnessed a range bound activity and closed at 1643.37$, up 8.4$. Currently, gold is trading around the 50-DMA; any rise from here will target the 200-DMA standing at 1665$, which could later extend to 1675$, however, any downside will be tested at the 14-DMA which stands at 1617$. I suggest investors to stay sideways at current levels. The supports are present at 1631.47$ and 1617.39$, while gold will find resistance at 1664.52$ and 1675.45$, respectively.
By
M.Zohaib Gadit
Forex Trading Consultant
By
M.Zohaib Gadit
Forex Trading Consultant
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