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XAU/USD Tests Resistance

Bullion recoups losses as the greenback softens across the board. Still, the precious metal remains under pressure after the bulls gave up the critical floor around 1680. A brief consolidation was a signal that the path of least resistance had switched to the downside. 1615 has attracted some buying interests but most traders might worry about catching a falling knife. A new round of sell-off may send gold to April 2020’s low at 1570. 1670 has become a fresh resistance where the bears could be looking to sell into strength.

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