GOLD (Spot) intraday: bounce.
Pivot: 1590.00
Our preference: LONG positions above 1590 with 1608 & 1617 as next targets.
Alternative scenario: The downside penetration of 1590 will call for a slide towards 1576 & 1561.
Comment: a support base at 1590 (20-day moving average) has formed and has allowed for a temporary stabilisation. The 50 period moving average is turning up. Further recovery seems likely towards 1617.


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