Gold Prices Weaker As Equities Hit Record Highs

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The precious metal is taking it easy amid a strong risk-on rally that is pushing equity markets to record highs.

The risk-on sentiment comes on optimism on the developments for the treatment of the virus.

Price action is supported near the minor price level of 1927. A close below this level could signal a move down to 1880.90 which marks the mid-August lows.

Price action could see a rebound off this level which could put it into a sideways range.

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