Daily Bullion Market Alert

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June gold closed higher due to short covering on Friday as it consolidates above the 50% retracement level of the 2008-2011-rally crossing at 1374.60. The mid-range close sets the stage for a steady opening when Monday’s night session begins trading. Stochastics and the RSI are diverging and are turning neutral to bullish hinting that a shortterm low might be in or is near.
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