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XAUUSD Intraday Analysis

XAUUSD (1198.88): Gold prices inched higher only to give up the gains and retest the support level at 1197.50. Price action remains mostly muted in gold. If the support holds, then we can expect to see a rebound off the current support. This will pave the way for gold prices to extend gains toward 1219.75 which remains elusive for the moment. To the downside, a close below 1197.50 could keep gold prices extending the declines to 1183.30 support.

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