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Alert-17:06 (Est) ACM Precious Metals Analysis: Gold Inches Higher on Slightly Improved Market Bias
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Gold managed to gain some momentum in the early part of the session, but loss steam as the day progressed and some of the positive news was digested by the marketplace. Risk sentiment improved with the strong earnings announcements out of major firms like Goldman Sachs, whose revenue was largely generated in the trading side of their business (FICC) Fixed income Currencies and Commodities. This is additional support to the argument that FX and Commodities have become more than an alternative source of alpha versus traditional instruments like equities or services like advisory. Oil and gold both accepted the turn in risk sentiment regaining some much needed ground following a week of consecutive losses. RSI is hovering around overbought levels, but from a technical perspective we may be attempting to enter a higher range this will be heavily contingent upon the volume in today’s move. If price action was rooted in volatility versus serious volume, this trend may be short-lived
Support: 919.99 Current: 925.67 Resistance: 929.52
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