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Gold prices set to rebound, further decline to be limited- long around 1064 with targets 1073/1078, SL 1060

Gold has declined to trade around 1073 levels, giving up last week gains, However  moves were range bound in thin liquidity in a holiday shortened weekend. The yellow metal is poised to rebound towards higher level as the commodity faces strong  support at 1064 towards downside. 

  • To the upside, the strong resistance can be seen 1073, a break above this level would expose the commodity towards 1076 levels.
  • To the downside immediate support can be seen at 1066, a break below at this level will open the door towards 1064 levels.

Recommendation: Go long around 1064, targets around 1073/1078, SL 1060

Support levels: S1-1066, S2-1064, S3-1060

Resistance levels: R1-1068, R2-1071, R3-1073

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