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Will Chairman Powell’s speech ignite a gold rush? – GOLD Market Outlook – 13/05/2020


Fundamental Highlights

Gold remains supported, ending yesterday’s session little changed at $1701.73, after printing higher on the back of Dr. Fauci’s 3.5 hours senate hearing where he warned against the perils of reopening too soon.
Risk off sentiment is gaining traction as the market awaits Fed Powell’s speech today along with U.S PPI data, both expected to drag the greenback lower.

Technical Analysis

An hourly close above $1707 should set the tone for higher prints on the yellow metal, with 1718 as the closest resistance target

Support: 1700 / 1684 / 1674 / 1668
Resistance: 1718 / 1730 / 1738 / 1750

SquaredFinancial Daily Market Outlook


SquaredFinancial Review

Source: https://www.squaredfinancial.com/learn/daily-market-outlook/will-chairman-powells-speech-ignite-a-gold-rush-gold-market-outlook-13-05-2020
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