Gold futures are trying to break above the critical range of $1626-1629 per ounce. The weekly charts are forming an interesting pattern. The metal has been lingering in a consolidation phase for quite a while now and a clear break higher would emerge only after the prices move above $1625-30 levels forcefully. The commodity has been facing resistance around these levels on a consistent basis over the last three weeks, approaching highs of $1629, $1627.95 and $1626.35 per ounce. Prices need to break out of this broad range and take out the minor resistance around $1640 per ounce to eye its previous top of $1671 per ounce.
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