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Gold loses oscillation amplitude

Fluctuations in gold have all but disappeared, with the precious metal marking time at $1,784/oz on Monday. A sideways trend has formed in the range of $1,769-1,794 over the past week and a half. For the time being, there are no signs of a possible breakout.

Last Friday, gold prices rose slightly despite US inflation data as the CPI soared to a 40-year high.

At this point, we see little chance for upside in gold as the US Federal Reserve is meeting this week, and the regulator is widely expected to wind down tapering at a faster pace. Market players assume that QE will have been completed by March 2022, and a rate hike will come several months later. Such a scenario lends support to the greenback and works against gold.

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