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Gold pulling back after hitting a critical resistance – GOLD Market Outlook – 07/12/2020


Gold prices did not move much last Friday as buyers have taken a pause due to the significant price rally as we get closer to the 1860 key support level now turned resistance. Ahead in the economic calendar this week, the ECB interest rate decision is on Thursday and investors are widely expecting an increase in bond-buying which should trigger demand for the precious metal. Talks of US stimulus are also back in the spotlight, following months of deadlocked negotiations, after weak payrolls data last week. Long-term traders may however want to wait until prices are back above the 200-period moving average before adding to their positions.

Support: 1840/ 1820
Resistance: 1860

SquaredFinancial Daily Market Outlook


SquaredFinancial Review

Source: https://www.squaredfinancial.com/learn/daily-market-outlook/gold-pulling-back-after-hitting-a-critical-resistance-gold-market-outlook-07-12-2020
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