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Technical Analysis: Gold sellers look for entry below $1553/52

Despite failures to stay positive beyond 61.8% FE of its June-September upside, Gold prices are yet to slip beneath early-September tops, which in turn keeps the buyers hopeful. With this, the bulls can again aim for $1600 if prices recovery beyond $1580. During the Bullion's sustained rise past-$1600, the recent high near $1611 and December 2012 low near $1625 will lure the Bulls.

On the downside break of $1552, sellers will not hesitate to target the 21-day SMA level of $1515 and $1500 round-figure. However, the yellow metal's declines below November month low near $1455 will be the key to watch during additional weakness as a break of which will defy the bulls.

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