Gold Price Intriguing Short-term Outlook

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The price moves within the yellow channel. After rebounding from the upper yellow bound, we saw the market decline towards the lower bound of this channel. Since the moving average was broken below during the previous trading day, the bears opened the way to the support level of 1438.22, thus, during the next trading week, the market may decline. However, if the bulls gain strength and break above the resistance level of 1493.54, which is on the red moving average, the market growth may continue to the resistance of 1513.04.

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