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Gold gains 1% on the day as the dollar falters

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Gold gains 1% on the day as the dollar falters

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Gold is up 1% on the day, regaining some ground after Friday’s slide.

I have not been a huge fan of gold in recent months (hence the lack of posts on it) as the price action also continues to be more choppy, but apparently it remains in a fairly well defined range for the time being.

Any major downside is more limited near the support around $ 1,676, while recent bullish momentum is capped by key daily moving averages and short-term trend line resistance from June 1 to September 3 highs. .

The confluence of the former sits near $ 1,795 on the day and the latter is also seen around there, so I would say that said region and the $ 1,800 level are key resistance points to watch out for for now to measure any additional bullish momentum.

Beyond that, there are the July and September highs at $ 1,834 to grapple with before hitting trendline resistance from the highs on August 7, 2020 and June 1, 2021 near $ 1,840. .

Those are the key technical points to keep in mind for gold right now.

Looking at the fundamental side of things, I’m still not a big fan, as yields and dollar sentiment could very well put a brake on any significant rally. The Fed’s expectations are also key, so this must be taken into account when weighing the prospects for gold.

But considering that the market has fully priced a hike for September 2022, things are not looking too bad for gold in all honesty.

That being said, buyers may have to wait for the seasonal tailwind from December to January to spot a possible uptrend in my opinion. Otherwise, considering the fundamental backdrop and key tech levels above, any major upside potential for gold is pretty limited.
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Gold gains 1% on the day as the dollar falters

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