Gold (XAU) found heavy resistance at $1599 during the trading day, unable to break above a key $1600 an ounce level. $1599.00 reflects a 50% Fibonacci retracement level of the $1671 (May 1st high) to $1527.10 (May 16th low) decline, with 38.2% Fibonacci level coming in near $1582.
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