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Golds ends Wednesday above $1,300

FXStreet (Córdoba) - Spot gold rose on Wednesday and finished hovering around $1,305 with a gain of $11, having the second best day since the beginning of May. The value of the ounce gained momentum during the European session, when it broke above $1,300 and jumped to $1,309 reaching the highest price since May 7.

During the American session XAU/USD pulled back to $1,302 but then rebounded rising toward $1,306.

XAU/USD facing a downtrend line

The rally of the yellow metal found resistance on Wednesday around $1,309 where a downtrend line in the four chart stands, originated on April 15 highs. A break higher, could trigger stops and pushed gold toward $1,315 (last week highs).

To the downside below $1,300, support levels might be located at $1,290 an then $1,285 (May 8 lows).

Wall Street closes down as market awaits for more signals

The US stocks market extended losses at the end of the day and closed negative on Wednesday. Investors are waiting for further signals on how the economy is doing in the second quarter.
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