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Alert-18:11 (Est) ACM Precious Metals Analysis: Gold Rebounds On Positive Risk Sentiment and Pressured Dollar
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Gold broke a two day losing streak trading through previous resistance of $940oz hovering around $943oz currently. The upward move was rooted in the trend of dollar weakness prompting investors to seek safety from inflation vulnerability through the precious metal. Early momentum led to a 2% gain on the COMEX, but as the session progresses we should be cautious of a pullback considering market volatility. Our bias remains positive for gold in the long-term as we move towards a broader recovery in neighboring asset classes the precious metal should serve valuable as an inflation hedge if the dollar to move inverse to commodities and equities.
Support: 931.38 Current: 943.90 Resistance: 951.24
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