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As markets wait for 3rd Rate Cut by Fed, Gold recovers from $2633 lows.
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Further upside requires break above $2650-$2652.
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Next resistance sits at $2663 followed by $2677.
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Below $2633, next downside potential is $2620.
Yesterday's decline to $2633 attracted some buying and today's trading witnesses recovery attempts currently facing resistance at $2652 which bulls need to clear through in order to extend recovery towards next hurdle $2663
If there is enough buying momentum above $2663, expect rebound extending to turning point $2677 where sellers are likely to resurface.
On the flip side, if immediate support $2643-$2641 is breached, the metal is likely to retest $2633 below which sellers will try to push lower for $2620
Meanwhile, markets are likely to remain sideways with relative volatility on Fed's rate announcement that will give further clues to Dollar direction.
The views of the article are based on price action studies, technical analysis and chart-based studies. The author does not hold positions on items he writes about. The views expressed are for educational purposes and are not trading advice.
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