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Gold prices turn around

Throughout October, gold traded within an ascending channel, up from $1.721.6 to $1.813.8/oz. Last Friday, on the last trading day of October, gold breached this channel to the downside, breaking the medium-term upward trend. The technical picture shows that the most likely outcome in the short term is that the precious metal will decline to $1.760.2.

The downtrend will be driven by strengthening of the US dollar, which has been seen on Monday against all currencies, without exception. The next resistance levels are located at 1.810.4 and 1.813.8. In case of a breakout, the uptrend will resume.

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