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Gold is attempting a bounce around $1820, having booked a 1% loss on Wednesday. As FXStreet’s Dhwani Mehta notes, XAU/USD wavers between two key averages – awaiting US data.

See –  Gold Price Analysis: XAU/USD set to surpass the 2020-2021 trendline at $1865 – Commerzbank

Gold remains at the mercy of USD dynamics, awaits fresh US data

“The risk-off mood is capping the gains, as the US dollar continues to remain the most preferred safe-haven asset. The price of gold, although draws support from a retreat in the US yields, in the wake of reduced demand for riskier assets.”

“The US dollar dynamics will continue to influence the gold price action, as markets look forward to the US Producers Price Index (PPI) and weekly Jobless Claims.”

“Gold prices need to recapture the 21-SMA at $1832, in order to extend the recovery momentum towards the static resistance around $1845-$1850.”

“A sustained break below the 50-SMA support at $1811 could expose the $1800 threshold.”

 

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