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Alert-12:50 (Est) ACM Precious Metals Analysis: Gold Selloff Eases on Light Volume
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Price action in gold was very quiet due to the holiday in the US. The precious metal is trading marginally higher at $930.57oz, which is nearly unchanged from the prior session’s level. Gold actually dipped in reaction to the negative employment data in the US released yesterday, a signal to investors that the perception of the precious metal as a safe haven instrument may have faded in light of long-term inflation fears. This particular situation may shift quickly if countries like China look to diversify capital into alternative instruments to reduce dollar exposure, and gold is a very likely possibility. As a result our outlook for gold remains positive, but be conscious of near-term dips on changes in market bias.
Support: 924.49 Current: 930.57 Resistance: 937.39
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