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SINGAPORE: The neutral status of spot gold has not changed, as it still hovers in a range of $1,596 to $1,677 per ounce.
A break above $1,677 will establish a target at $1,705, with a potential upside extended to $1,758, while a fall below $1,625.09 will open the way to $1,595.14.
The fall to an hourly chart low at $1,625.09 has been followed by a strong recovery, signaling a higher chance for the metal to rise to $1,677.
No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
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