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XAUUSD News

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Last Updated Date: 16 July 2021 @ 7:06 AM (UTC)
*Please note that all the dates are in GMT time zone

Gold was down on Friday morning in Asia but was headed for a fourth consecutive weekly gain. The yellow metal was boosted by US Federal Reserve Chairman Jerome Powell's insistence that any inflation will be transitory and that the central bank would continue to support the economy.

The market is showing a bear downturn and potential for a selling wave to 1819.0 as well as potential to 1801.0. A drop through 1801.0 will foster continuation selloffs today. Any congestion under yesterday’s range high will keep the market setup in a bear flag. Trade must post a close over 1834.0 to reverse out of the current downturn.

 
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