Gold Drops as 1967 Technical Resistance Proves Hard to Break

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The precious metal is trading weaker, as the technical resistance level near 1967 held on.

The Fed meeting also set off the declines with gold likely to head lower in the near term.

Price action could be on track to retest the 1911.50 support area.

If the support holds once again, we could see the consolidation continuing.

However, if gold loses the 1911.50 support and the subsequent 1900 support, we expect a correction down to the 1817.80 region.

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