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Gold Succumbs To Dollar Strength After Early Technical Acceleration

GOLD
  • Gold prices have had a strong reversal in the first half of the US trading session as a rebound in equities and persistent broad greenback strength have taken the shine off the yellow metal.
  • The Bloomberg dollar index is having its biggest intra-day advance since March 2020, while the Ice dollar index has now reached a 19-month high above 97.50.
  • While the retracement has been fairly sharp, price remain in positive territory for the day, up 1%, and should find strong support around the prior bull trigger of $1916.6, the Jun 1 2021 high and the day’s low at $1908.8.

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