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Gold trading at $1673.77

The price of gold moved higher yesterday, however it remains well confined within a relatively tight range between the 200-days SMA and the 50-days SMA, limited also by the main descending trend line from the upside.

According to the ICN.com Analyst Team, “Unless we see a clear break above the descending channel and 1695.00 horizontal resistance, we will continue to favor the bearish scenario.” Today, gold prices have spanned a region between 1677-1673, before ultimately rebounding slightly towards USD $1673.77 at the time of writing, down $-1.69.

The ICN.com analysts point to supports at the 1660 level, onto 1652 and finally 1647. On the ascension, gold price will encounter means of resistance at 1675, followed by 1685 up to 1695.

Forex: EUR/JPY rallies on EMU PMI

The EUR/JPY is one of the main beneficiaries of the Markit PMI releases in the Eurozone that are taking down the "risk off" momentum seen earlier and providing some relief to investors. The cross is getting close to a 200-pip range, as the price was just above the 124.00 mark ahead of the European session and has already reached as high as 125.72.
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