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Alert-15:07 (Est) ACM Precious Metals Analysis: Gold Tests Key Technical Level and Retreats as Lacking of Direction Fails to Sustain Upward Momentum
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Gold prices trended upward as a rally in equity markets in Asia boosted risk appetite and sent the dollar lower. The precious metal hovered around $952oz and climbed above $955oz, as RSI rose above the overbought level and the dollar weakened against most majors on the back of improving sentiment. Gold tested $957oz three times in early trading and rose to as high as $958oz, but the move lacked sustainable strength and caused the gold fell right back down to the low range of $950oz and consolidated around that level. Gold is likely to continue range bound amid directionless trading as the market seeks the next catalyst, but remains constructive above the $947oz support level as the Dow broke the key 9,000 level last week, providing support to overall improvement in sentiment. The guardedly positive bias is likely to put the dollar under pressure and lend support to gold above strong technical level.
Support: 946.98 Support: 946.98 Resistance: 960.68
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