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Daily Market Analysis 23/07/2021: GOLD

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Daily Analysis / Online Education

Daily Market Analysis 23/07/2021: GOLD

Instrument: GOLD

Technical Analysis

Bullish Preference: 
Buy position is envisaged if price trades above 1803.57 with take profit at 1806.27.
Bearish Preference: 
Sell position is envisaged if price trades below 1791.04 with take profit at 1788.51.
Fundamentals:
2:45 PM USD Flash                                      Manufacturing PMI
              USD Flash Service                         PMI

Comment: Gold was down on Friday morning in Asia, recovering from the more than one-week low hit during the previous session. Retreating U.S. bond yields and weaker-than-expected U.S. economic data also helped to counter a strengthening dollar. Meanwhile, the latest U.S. economic data said that a higher-than-expected 419,000 initial jobless claims were filed throughout the past week, a two-month high. The figure served as a grim reminder that the job market recovery is far from over, as the country also recorded a surge in new COVID-19 cases involving the Delta variant.

Analysis: SCRUM Team

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