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Gold prices are showing signs of stabilizing. Price action is caught within the price corridor of 1534 and 1462.

However, given the strong support area, it will take some strong fundamentals to push the precious metal lower.

The longer-term downside target is around the 1440 handle.

For the moment, the evolving price action indicates a possible bottoming in the near term. But this will be valid only on a close above 1534.


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