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Gold dropped sharply to as low as 1155.6 last week but recovered strongly since then. Initial bias is neutral this week and we’d expect some consolidations above 1155.6 first. But still, upside should be limited by 1203.9 resistance and bring fall resumption. Break of 1155.6 will target 1124.3 support next. However, above 1203.9 will indicate that a short term bottom is formed. In such case, lengthier consolidation would be seen before decline from 1266.5 resumes.

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Gold Weekly Technical Outlook