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Gold could be back on the front foot

A powerful wave of profit-taking swept across the gold market after an uptrend coupled with appreciation of the USD. Against this backdrop, gold closed the first week of June rather weakly, while at the beginning of the next week of the month, gold is trading at $1,886 and could soon be trading within the range of $1,840-1,900/oz.

Technical analysis shows quite strong support at $1,841, and if the precious metal manages to move higher without reaching this mark, we will consider today's pullback as a local correction within a powerful rising trend.

Gold also looks quite attractive in terms of fundamentals. The market is actively discussing the possibility of earlier tapering by the Fed. Yes, we know the Fed has harped a zillion times that stimulus will not be wound down ahead of time. However, the US economy looks strong, as confirmed by Friday's jobs market report, so monetary policy might actually be tightened a little sooner than expected.

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