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Technical Outlook: Spot Gold Remains Under Strong Pressure As Safe Haven Demand Eases

Spot Gold remains in red for the third straight day and extended bear-leg from $1340 high, to crack pivotal support at $1317 (Fibo 61.8% of $1302/$1340 rally).

News about meeting between leaders of the US and North Korea eased geopolitical tensions, with slight ease of concerns about global trade war, reduced demand for safe-haven assets, keeping the yellow metal under increased pressure.

Daily techs in firm bearish setup support scenario, which looks for close below $1317 Fibo support to generate further bearish signal.

Strong US jobs numbers today could help gold bears by boosting the dollar and sending gold price lower.

Bearish acceleration below $1317 would unmask key supports at $1302/01 (01 Mar spike low / base of thick daily cloud).

Falling 10SMA which created bear-cross with 55SMA offers initial resistance at $1322, followed by 55SMA at $1325 and 20SMA at $1329, which is expected to limit stronger upticks.

Res: 1322, 1325, 1329, 1332
Sup: 1316, 1311, 1307, 1302

Windsor Brokers Ltd
Windsor Brokers Ltdhttp://www.windsorbrokers.com/
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