Recall that Gold price confirmed a symmetrical triangle breakout on the daily chart on Tuesday.
Recapturing the latter would require a test of the bullish 21 DMA at $1533. A sustained break above the latter will open the door for a rally towards the flat 100 DMA at $1,969.
However, downside risk persists for Gold prices, as the 14-day Relative Strength Index (RSI) indicator remains below the moving averages.
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