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Gold Price Forecast: XAU/USD bulls beaten back by the US dollar bulls at key daily resistance

From fxstreet.com

The price of gold is back to flat on the day in what has been a correction of this week's rally into daily resistance near $1,730. The price fell from a high of $1,725.60 to a low of $1,706.95 but held above the prior day's lows despite firmer US yields and a stronger US dollar. Overall, the yellow metal has been more robust of late, making its way back into the $1,700's this week, recovering from last month's lows that were made as US bond yields surged to multi-year highs. The sentiment surrounding the Federal Reserve has been the driver, as fickle as it is. However, with data ebbing and flowing in and out of the ... (full story)

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  • Category: Technical Analysis