As the US goes into polls – Will Gold extend correction to $2,696 or break above $2,790?
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As the US presidential polls begin, traders look for clues about Gold's further course of price action.
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$2750 and $2760 may act as near-term resistance.
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$2715 and $2696 may act as near-term support.
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Volatility to increase ahead of poll results trigerred by widespread speculations.
Gold trades sideways after traders maintain caution on the resistance zone $2745-$2750 while bears unsure at the moment to break below $2730.
If buyers step in with sizeable intervention, some gains towards $2750 can hardly be ruled out while next resistance sits at $2760.
On the downside, 4 hourly 100 SMA $2719 sits as immediate support, failing which next leg lower could be seen at $2696.
Break below $2696 is likely to be a call for extended correction over the short term which may expose more decline ahead.
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