Gold price may break through to 2700

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Gold extended its decline after hitting a record high, currently trading around $2,650. However, the precious metal remains in an uptrend on a short, medium and long-term basis, and since the basic principle of technical analysis is that “the trend is your friend”, the odds are in favor of further upside for the yellow metal.

Support levels to watch are: 2,650 - 2,644
Resistance levels to watch are: 2,670 - 2,680 - 2,700

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