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Based on our technical analysis, the long term trend for gold is still bullish. However, it may enter into a short correction in the near term.

• There is a bearish shooting star below 78.6% of 05-1533.33.
• Head and shoulder formation.
• Tightening of the Bollinger band. This may signify a bearish breakout.
• The key rebound areas are located at the demand level at 78.6% and 88.6% of 50-1557.08.

CHART LEGENDS

Bollinger Bands

Red dotted line = Upper band

Blue dotted line = Middle band

Green dotted line = Lower band