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Picks Up But Stays Within Range

GOLD

The yellow metal picked up in Asia-Pac trade on Tuesday, gaining $4.49/oz to $1,733.42 but sticking inside Tuesday's range. Gold had a relatively more stable session on Tuesday when compared to Monday trade, with the precious metal trading inside a $20/oz range. Monday's pull lower found some support at the 61.8% retracement of the 2020 range, but the recovery off the low will have emboldened bulls. To reinforce any upside argument, bulls need to regain $1834.1, Jul 15 high, ahead of $1853.3, a Fibonacci retracement. Markets look ahead to US CPI data later today.

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