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Gold Price Chart Hints Reversal Lower May Be Brewing Ahead
Gold prices fell as the US Dollar rose after the Trump administration opted to cancel planned tariffs on imports from Mexico. The move cooled Fed rate cut speculation somewhat, undermining the appeal of anti-fiat alternatives epitomized by the yellow metal. The news buoyed risk appetite, but typically cycle-sensitive crude oil prices were unable to capitalize. The benchmark WTI contract drifted lower amid reports that Saudi Arabia and Russia are struggling to agree on extending the OPEC+ output cut scheme. Riyadh is on board, but Moscow is unconvinced for now.Looking ahead, a relatively quiet economic calendar is ... (full story)