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Gold is stuck in a range and unlikely it will end quietly
Gold is finding support in the $1950 area on this week’s declines but is not finding support from buyers on the rally above $1985. Support for this trading range is provided by the area of the late January price peak, which has also acted as a pivot point more than once in this growth cycle, halting the rally. The ability to hold above this previously strong resistance for an extended period is an important signal for speculators. The area from which gold was bought in the second half of April has become a local resistance. On the side of gold buyers, there is a risk appetite on the back of expectations that the ... (full story)