Gold may break $1,305

Source: Business Recorder
© Scanpx/Reuters
Spot gold added 0.3% to $1,302, whilst August futures delivery was trading at $1,303 per ounce. SPDR Gold Trust cut its reserves by 2.7 tonnes to 806.03 tonnes on Wednesday. According to Business Recorder, the $1,305 resistance line may be broken, which would allow a rally up to $1,312. From the technical analysis perspective, the rebound from the July 15 low $1,291 should be negated, potentially there could be an up-move to $1,340. 
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