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Gold analysis: Metals bounce back as US dollar eases on mixed NFP data
Gold managed to come sharply off its lows to turn flat at the time of writing. The dollar initially rallied but then sold off as traders reacted to a mixed US jobs report. Is this the start of a new uptrend for gold? We will certainly need to see more price action, but the early signs suggest that the dollar selling may have resumed now that the week’s main data highlight is out of the way. Let’s see whether the ISM services PMI will deliver a surprise later and accelerate the dollar selling. Prior to the release of the December non-farm jobs report, the dollar had been pushing higher as traders trimmed their ... (full story)