Xadusdlong
Gold bulls remain in control. $1250/70 insight?Gold remains structurally unchanged for now as it trades at $1228.00 levels at this point in writing. Please note that the yellow metal has produced a shallow retracement after printing highs at $1232.00 levels earlier. The corrective drop has found support at the 23% fibonacci retracement of recent rally between $1181.50 and $1232.00 levels respectively. Prices have not really tested the past resistance turned support at $1213/15 zone until now. Though it is quite possible that a meaningful low is in place at $1218 levels, the probability of a drop towards $1213.00 levels still remains. Overall, the short medium term bullish outlook prevails.
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