Gold
jumped above $1335 today following the weakened US dollar amid growing woes on
possible US government shutdown. During last three sessions the XAU/USD was trading
lower but the downside movement was limited by the support line at $1325. Bulls
quited this correction area to resume the up-move towards the 4-month high,
that was marked at the beginning of the week. But to get back there, first should
conquer the resistance at $1344, then the doors are opened for the $1350 area. On
the flip side $1333-32 region supports the immediate downside (flat 20da- SMA),
which if broken might drag the XAU/USD pair back around $1325. In the short
term this scenario is not favored given the indicators on the four hour time
frame supporting the uptrend.
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