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Gold remains in a sideways action awaiting a breakout – GOLD Market Outlook – 16/07/2020


The yellow metal continues to trade sideways between our support/resistance levels at 1800/1815 as concerns about rising Covid-19 cases and lingering US-Sino tensions countered optimism over promising early data for a potential vaccine. Investors awaits Initial Jobless Claims and Retail Sales data out of the US today, with better than expected data to dent demand on the safe haven with 1800 support level coinciding with the 200 period SMA.

Support: 1800 / 1790
Resistance: 1815 / 1830

SquaredFinancial Daily Market Outlook


SquaredFinancial Review

Source: https://www.squaredfinancial.com/learn/daily-market-outlook/gold-remains-in-a-sideways-action-awaiting-a-breakout-gold-market-outlook-16-07-2020
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