The price of gold provides respite from downtrend last Friday, as news of political gridlock in Italy cultivate new demand for the yellow metal. Furthermore, an important resistance level 1400 and penetrated and the yellow metal seems to have stabilized at the top of this during the European trade. After touching a session high of 1424, the gold price is now dropping back slightly to USD $ 49.900 per gram. Intraday, gold has a bullish bias, on the side facing the next barrier / resistance at 1428. In the meantime, drop back below 1400 would be bearish.


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