Gold Stabilizes Near The 1900 Level

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Following the strong declines, the precious metal is stabilizing after falling to a three week low on Wednesday during the early Asian session.

Price action is now somewhat strong having established support near the 1900 region.

To the upside, if the momentum holds up, we might as well see gold testing the 1967 resistance level.

Only a breakout above here might bring back some bullish bets.

As a result, we could expect the precious metal to pause and move into a sideways range in the near term.

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