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Alert-18:49 (Est) ACM Precious Metals Analysis-Bid For Gold Holds Strong at New Range
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The perception regarding the current state of financial markets shifted following yesterday’s FOMC meeting, or at least we thought so. After 3 consecutive days of gains in equities, a rally in commodities, and selloff in the dollar, a move towards gradual recovery seemed to be in the making but what investors fail to grasp is that this is one of many necessary moves to secure stability. In other words, the market correction we are experiencing will introduce new trading ranges, but will probably see further adversity before a long-term rally begins. Gold managed to sustain strength hovering around $956oz, slightly below its previous close. The massive jump in gold was consistent with 13% rise in silver, as well as positive momentum in base metals like copper. Utilizing technical indicators will be helpful in navigating the near-term price trajectory for gold, as the fundamental story has already implied further upside in long-term.
Support: 936.70 Current: 959.85 Resistance: 970.20
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ACM Advanced Currency Markets SA (hereinafter referred as ACM) is a professional financial intermediary, directly regulated by the Swiss Federal Department of Finance, Anti Money Laundering Control Authority. As forex specialist, ACM provides only currency and precious metals trading via highly professional forex trading software. All customers are aware that this information or any part thereof has been prepared without taking account of your objectives, financial situation and/or needs. This information is not intended as personalized investment advice and does not constitute a recommendation. It is not an offer or solicitation of any offer to purchase or sell any financial instrument. The analysis is based on the information which ACM finds reliable and accurate, but ACM does not assume any responsibility for any material nor for the transactions made on the basis of the information or the estimates of the analysis. ACM cannot guarantee that these forecasts will materialize and cannot be held liable in any way for direct, indirect and/or consequential loss arising from any use of this information, document or its content. All opinions and estimates constitute ACM analysis as of the data and are subject to change without notice. ACM does not warrant the accuracy or completeness of information contained herein, such information is subject to change and is not intended to influence your investment decisions. Past performance is not a reliable indicator of future performance.
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