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Gold trading at $1667.71

Gold’s near-term price action is congested between the zone of 1657 (31 January low) and 1681 (01 February spike high). According to Slobodan Drvenica an analyst at Windsor Brokers Ltd., “The near-term structure is negatively aligned, as lower range tops (excluding last Friday’s spikes) at 1673 caps the upside and price attempts through trendline support at 1665.”

In addition, hourly studies are negative, while the 4h indicators are pointing lower, keeping the downside focused. However, a break below 1657 is required to confirm downtrend and expose the next strong support at 1652 (28 January low). On the upside, a retest of 1673 and the more significant 1683 barrier would signal fresh phase of near-term recovery from 1652.” Drvenica adds. At the time of writing the price of gold has settled at USD $1667.71 Monday, down $-1.69.

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