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The precious metal has been trading muted on Thursday. This follows the modest attempt to pullback following the decline to the 1875 handle.

For the moment, this could be the short term range in gold. The Stochastics oscillator is also trading flat at the moment, confirming the flat bias.

In the longer term, given that the 1900 – 1911.5 resistance level has held up, we expect the downside to prevail.

Following the break down below the 1875 level, gold prices could then test the 28 September lows of 1850.

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