Gold holds a minor base but remains capped so far by the crucial 200 daily moving average, near $1797. Currently trading near $1755 with support at $1750. We expect XAUUSD to test $1750 - $1740 area before a move up. $1730 is needed to be broken for gold bears to step in. The immediate upward bias in the range, a below $1688 would activate downside momentum. Federal Reserve Chair Jerome Powell’s speech is set to show the direction for gold price.
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Gold moving up towards $1766 as expected you may book your profits.
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