During Tuesday morning hours, the yellow metal slumped by 1263 pips or 0.98% to trade at the 1,282.00 level. Note, the 200-hour simple moving average supported the gold from the fall at the 1281.89 mark.

In regards to the near-term future, most likely, the 200-hour simple moving average will continue to support the yellow metal to push the gold to trade up towards the 23.60 % Fibonacci retracement level at the 1,291.57 mark.

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