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Gold Bounces off 100-Day MA Eyeing a Break of $1760


MongiIG

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Gold Bounces off 100-Day MA Eyeing a Break of $1760

 

Gold (XAU/USD) FUNDAMENTAL BACKDROP

Gold has staged a comeback this morning wiping out yesterday’s losses. The precious metal has rallied from lows around $1740 to trade above the $1750 psychological level as dollar weakness returned. The haven demand which boosted the greenback has taken a backseat this morning as optimism around China returned as Covid case numbers declined for the first time in five days.

Gold (XAU/USD) Four-Hour Chart – November 29, 2022

Chart, line chart  Description automatically generated

Source: TradingView

 

Nov 29, 2022 | DailyFX
Zain Vawda, Analyst

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