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Gold Outlook - Where Next For The Precious Metal?

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Recapping Recent Movements

Gold sold off during the US session last night, having the biggest loss of 2 weeks. The move came after six days of bullish momentum came to a top at the daily 50 moving average.

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Now consolidating the move, gold appears to be finding support along the hourly 200 moving average. XAUUSD also currently is supported by the 38.2% fibonacci level, however day traders would do well to watch the 1h 50 moving average, as it still resides above price as a resistance.

For intraday bulls, watch the hourly 50 moving average and the previous 1h high at 1875 as topside caps.

For gold bears, watch for a break below the hourly 200 moving average and the previous daily swing low at 1822 to confirm a downside break, with the next supports coming in around the daily 200 MA (1810), and the weekly swing low at 1765.

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