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XAU/USD Outlook: September, 2 2013

XAU/USD Outlook: September, 2 2013

XAU/USDSpot Gold remains at the back foot, as corrective pullback off fresh high at $1,433 broke below the psychological 1400 support, with weekly close occurring below this level. With negative tone prevailing on near-term studies a downside risk remains in play. So far, the fall retraced 38.2% of 12725/1433 rally on a dip to $1,372. The notion is supported by overextended daily studies, with an extension below $1,372 and expectations to open at $1,353, with the higher platform and 50% retracement of 1272/1433. Only a sustained break above the 1400 barrier would ease immediate bear-pressure. Resistance: 1400; 1410; 1416; 1423 Support: 1390; 1372; 1368; 1353


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