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“On the daily chart, the price of gold is forming a Rounding top and trading in a Falling channel pattern. Price is moving under the 50-DMA and 100-DMA levels, which are around 59,100 and 58,830, respectively. At the 200-DMA level, placed at 57,435, there would be significant support. For the week, the outlook for gold prices is moderately bearish,” said Choice Broking.
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