Gold continued its upward journey notching up stellar gains in the week gone by. In the middle of the week, prices dipped below USD 900 mark, but rose sharply higher in the last two sessions to close firmly near USD 930 mark. Gold is now at an extremely critical resistance level. Hence it is vulnerable to correction, as USD 931 barrier looks strong one to overcome, given the fact that the momentum is slowing and giving negative divergence on daily charts. We are changing our bias from up to down and are targeting USD 840 level, which is the channel support level. The 200-DEMA also supports this level, which is a crucial trigger point for long-term players.
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