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On Track For Best Weekly Gain Since May

GOLD

The yellow metal has softened slightly, but still holds the bulk of the Wednesday rally, and has breached the 50-day EMA and resistance at $1787.4, the Sep 22 high. The resumption of strength reinforces short-term bullish conditions and the bullish engulfing candle pattern that signalled a potential reversal on Sep 3. The focus is on $1808.7 next, Sep 14 high. Initial firm support is at $1746.0, Oct 6 low. A break is required to undermine a bullish tone. Bullion prices are on track for the best weekly gain since May.

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