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Daily market commentary: Gold has been hit by the strength of the greenback

Daily market commentary: Gold has been hit by the strength of the greenback

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This article was originally published by LeapRate

GOLD

Gold has been hit by the strength of the greenback in the last 48 hours. The bullion price retraced from the resistance zone at $2,000 to once again near the support zone at $1,920. Moreover, the general “risk on” scenario seen on markets, with another rally on stocks, pushed investors to bet on more risky assets, at least in the short term.

Despite this, the main trend has not changed, with the price in the main lateral channel between $1,860 (the low of 12th August) and $2,075 (the high of 7th August). The fundamental outlook is still positive for bullion, in a scenario where central banks’ dovish policies will continue for a long time.

Carlo Alberto De Casa – Chief analyst, ActivTrades

The post Daily market commentary: Gold has been hit by the strength of the greenback appeared first on LeapRate.

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