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   “¢   The precious metal rallied hard to near three-week tops in a knee-jerk reaction to softer-than-expected US CPI figures, which dampened expectations for a faster pace of Fed rate hikes.

   “¢   The positive momentum once again stalled near an eight-week-old trading range resistance amid a modest USD recovery and goodish pickup in the US equity markets.  

   “¢   Meanwhile, technical indicators on hourly/daily charts have started gaining positive momentum and thus, increase prospects for a near-term bullish breakout.

   “¢   However, it would be prudent to wait for a sustained move beyond the mentioned barrier before traders start positioning for any further near-term appreciating move.

Gold daily chart


       Last Price:  1209
       Daily change:  1.4e+3  pips
       Daily change:  1.21%
       Daily Open:  1194.57
       Daily SMA20:  1196.79
       Daily SMA50:  1198.28
       Daily SMA100:  1210.71
       Daily SMA200:  1259.49
       Daily High:  1195
       Daily Low:  1185.1
       Weekly High:  1208.6
       Weekly Low:  1184.3
       Monthly High:  1212.64
       Monthly Low:  1180.63
       Daily Fibonacci 38.2%:  1191.22
       Daily Fibonacci 61.8%:  1188.88
       Daily Pivot Point S1:  1188.11
       Daily Pivot Point S2:  1181.66
       Daily Pivot Point S3:  1178.21
       Daily Pivot Point R1:  1198.01
       Daily Pivot Point R2:  1201.46
       Daily Pivot Point R3:  1207.91