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Gold trading at $1664.00

Gold has traded in a near-term consolidative mode, following yesterday’s sharp sell-off. According to Slobodan Drvenica an analyst at Windsor Brokers Ltd., “A confirmation of failure swing, seen on a break below 1674 base has accelerated losses to 1657 so far and retraced over 76.4% of initial 1652/1683 recovery rally. With near-term studies being negatively aligned and corrective attempt lacking momentum for more significant gains, the downside remains in near-term focus.

As such, “Unless the price regains minimum 1673 (61.8% of yesterday’s fall), near-term risk remains shifted lower and fresh weakness through 1657 (also Fib 61.8% expansion of wave from 1683), would extend towards 1650, previous lows and Fib 76.4% expansion, possibly towards 1639 (Fib 100% expansion).” Drvenica adds.

A weekly close below 1663 (200-day MA) would put an additional pressure on yellow metal’s price. At the time of writing the price of gold has settled at USD $1664.00 Friday.

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