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Alert-18:12 (Est) ACM Precious Metals Analysis: Gold Tumbles on Surge in Dollar Strength
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Gold dropped sharply today on a continued surge in dollar strength across the board, which was consistent with the pattern between the dollar and gold that we have been discussing recently. The precious metal plummeted more than $20 or 2% to as low as $907oz, the lowest level in two months. August gold futures dipped $19 to $909oz on COMEX. The Dollar Index rose to as high as 80.89, pushing gold lower. Also weighing on gold was the tumbling oil price, which sank $2.77 or 4% to $60bbl. From a technical perspective, we saw strong selling momentum in gold as RSI had been hovering below 50 most of the session.
Support: 901.23 Current: 909.50 Resistance: 921.74
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