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Alert-14:35 (Est) ACM Precious Metals Analysis: Gold Rally Loses Steam Following FOMC Comments
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Gold roared at the open of the Comex session, but has since settled to levels near the previous close. Technical longs were the main contributors to the early rally, but light stops slowed buying momentum bringing an active morning to a sluggish afternoon. CCI has been pretty sensitive in projecting moves, and possibly a great tool to measure price movement. Inflation speculators may want to scale back playing gold from the perspective a weaker dollar will prompt a rally in the precious metal. Commentary released by the Fed outlined concern for further “downside risk”, quelling any expectations for an early recovery in financial markets. Gold may toggle back and forth between an instrument used to hedge inflation and an alternative safe-haven asset. Regardless of the price direction, we can deduce that a heightened level of volatility should make gold trading even more attractive.
Support: 871.86 Current: 880.82 Resistance: 887.76
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