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Gold rebounding, eyeing more upside

Gold rebounds notably today and immediate focus is now on 1973.59 minor resistance. Firm break there should confirm that pull back from 1987.22 has completed at 1951.54. Further rise should then be seen through 1987.22 to resume whole rally from 1892.76.

More importantly, the support from 55 D EMA (now at 1950.61) is a sign of near term bullishness. The bounce from this EMA could be strong enough to push Gold through the next obstacle at 61.8% retracement of 2062.95 to 1892.76 at 1997.93, which is just inch below 2000 psychological level.

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