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​Technical Analysis: $1740/36 horizontal area regains gold buyers' attention

Gold buyers are up for another battle with the key resistance area near $1736/40. The key upside barrier has disappointed the bulls multiple times in the past month. However, bullish MACD favors the case of the precious metal's rise to April month top, near $1748, on the upside breakout. It should also be noted that the bullion's sustained rise past-$1748 enables it to aim for 61.8% Fibonacci Expansion (FE) level around $1772 while the year 2012 top close to $1796 could lure the optimists afterward.

On the downside, May 08 top surrounding $1723 and the monthly support line near $1705 could check sellers ahead of diverting them to an ascending trend line from April 21, at $1682 now. In a case where the bears manage to dominate past-$1682, 50% Fibonacci retracement level of $1655 and $1640 can entertain them.

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