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AGEA.Trade: Gold Prices Hit 9-month Lows as Dollar Extends Rebound

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AGEA experts on current Gold price moving



Gold prices are trading below the $1,700 an ounce handle for the first time since June last year as the US dollar extends its rebound from multi-year lows. Over the weekend, the US Senate passed a long awaited coronavirus stimulus package.



“Gold has been undercut by cheerful economic optimism over a robust economic recovery and faster than anticipated rises in bond yields,” Stephen Innes, chief global market strategist at financial services firm Axi, said in a memo sent to clients.



The extension in a pullback saw gold prices hit the major support line of $1,690 an ounce, which represents the 61.8% Fibonacci retracement line of the coronavirus-driven rally. This area, boosted by the horizontal support line at $1,670 an ounce, will continue to offer support. On the upside, the major target for the buyers is $1,765 an ounce.



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