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The Gold price may fall in the medium term, according to the daily chart. The price of Gold is into a range at the moment. If the price drops at 76% Fibo ($1316), there is a high probability to fall below EMA 200 ($1298). A potential price target is $1250 in order to form a triangle. The RSI should be considered oversold below 28.
The Federal Reserve could hike rates three times this year as the repatriation tax could lead to internationally-held cash flooding back into the United States. Fed's response to a repatriation of funds could weigh over Gold and strengthen the US dollar.

There could be an increase in deposits within the US onshore banking system, which could boost the money supply and, therefore, induce increased lending. On the other hand, the Federal Reserve could tighten the screws at a faster rate. That could yield a drop in Gold.

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