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Gold (intraday): Under pressure

Gold seems to have found a bit of ceiling around the 1740 level having gone sideways in the past four weeks. On Tuesday the bulls attempted again to break through this area, which is now more and more aggressively resistant. At 1726 at the time of writing the market has managed to reverse the early losses and turn back to positive territory. Although the gold market is in a bullish trend in the long run, we will need an upside penetration above 1740 in order for the bulls to aim higher for the 1800 level. In the meantime we could see more weakness intraday all the way down to 1711 and 1705. The declining trend line capping RSI on the 30 min chart is a further indication for the short-term bearish outlook in the market. Another quiet day on the European economic data front keeps the focus on US event risk with Jobless Claims and Consumer Sentiment among the most notable.

Dafni Serdari
Market Analyst
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