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Gold Faces Recovery Risk With Eyes On 1088 Level

Gold Faces Recovery Risk With Eyes On 1088 Level

Gold: With the commodity taking back more than half of its losses to close slightly higher the past week, gold faces recovery risk with eyes on 1088 level in the new week (see daily chart). This view remains valid as long as it holds and trades above its key support zone at 1046/52 zone. On the downside, support comes in at the 1064.00 level where a break will turn attention to the 1050.00 level. Further down, a cut through here will open the door for a move lower towards the 1040.00 level. Below here if seen could trigger further downside pressure targeting the 1030.00 level. Conversely, resistance resides at the 1085.00 level where a break will aim at the 1095.00 level. A turn above there will expose the 1105.00 level. Further out, resistance stands at the 11150.00 level. All in all, gold faces recovery risk with eyes on 1088 level while trading above the 1046.30 zone.

XAU/USD Weekly Chart

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