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XAUUSD Gold Forecast and Technical Analysis

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This article is published in collaboration with Scutify, where you can find real-time markets and stock commentary from Robert Marcin, Cody Willard and others. Download the Scutify iOS App, the Scutify Android App or visit Scutify.com.

Gold prices rose on Friday, reversing earlier losses as the Catalonian parliament's declaration of independence bolstered safe-haven demand for the precious metal.

Gold futures for December delivery settled up 0.51% at $1,276.06 on the Comex division of the New York Mercantile Exchange. Prices had earlier dropped to a three week low of $1,263.80. For the week gold prices were down 0.68%.

Catalonia's parliament on Friday declared independence from Spain, adding to fears over instability in the European Union. The moves prompted Spain's prime minister to sack the Catalan government and call elections next month.

Gold is often used as a safe haven in times of geopolitical and economic uncertainty, while riskier assets such as equities are generally sold off.

Gold's gains were held in check as the U.S. dollar continued to trade near three-month highs against a currency basket.

Technicals:

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This article was written by Emre Tutucu for http://www.fxters.com/xauusd-gold-forecast-technical-analysis-3/ on .

This article published in collaboration with Scutify, the best app for traders and investors. Download the Scutify iOS App, the Scutify Android App or visit Scutify.com.

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