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Gold and USD

USD

Gold edges through the session high, led by the weaker USD, after Yellen backed Biden's stimulus plan and pushed back against any imminent tax hikes.

  • Also argued, that low interest rates provided scope to boost the US Economy.
  • Next MNI tech resistance for Gold, comes at $1869.9 - 50-day EMA
  • USD extend losses here, with more broad-base selling on the risk on tone.
  • USD test low versus EUR, GBP, AUD, CHF, CAD, INR IDR, SGD, ZAR.

Quick MNI tech:

  • EURUSD resistance comes at 1.2171 20-day EMA
  • Cable resistance at 1.3710/12 Jan 14 high / Low Mar 1, 2018

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