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Gold prices drops In a dramatic turn of events early this morning.

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The XAU/USD pair consolidates as expectations that policymakers are moving closer to agreeing on the next US fiscal stimulus package.

This news extended some support to the USD. The yellow metal is current moving on a daily simple moving average of 1819.34 but however the latest concerns based on the increasing number of Coronavirus cases that was recorded during the end of yesterday could see the precious metal bounce back to its previous highs.

In another news, stalls in negotiations amid the fears of a no-deal Brexit has ensured that the GBP is largely unaffected by the rumors of the US fiscal stimulus package. The GBP/USD pair failed to capitalize on the 1.2900 mark after the chief Brexit negotiator David Frost claimed that it was highly unlikely that the United Kingdom and the European Union agrees on a deal by the deadline that was set by prime Minister Boris Johnson.

Frictions between the United States and China has pushed investors to the by lines as the USD/JPY pair is now moving on a daily SMA20 of 107.1. It would be advisable to wait for a strong bullish interest before taking any aggressive bet.

The relative strength index is hinting at a corrective downside as the EUR/USD pair is currently receding from the current overbought level. While the current correction is expected to last longer, a shift in bias is not expected any time soon.

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Forex Trading

Gold aiming for new highs.

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Gold is ready to take out a powerful resistance at $1862, which is the intersection of the previous day high and Fibonacci 38.3% one-day.

Up next, a dense cluster of major resistance levels is put up around $1862, where the Fibonacci 23.7% one-week, SMA100 four-hour and SMA100 one-hour coincide.

The buyers will then target the SMA50 one-day at $1870.

Meanwhile, a lack of healthy support levels makes gold look vulnerable, with an immediate cushion seen around $1848, which is the convergence SMA100 and 50 one-hour and SMA10 four-hour.

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Forex Trading

XAUUSD eyeing upside above $1916

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Risk sentiments joins the precious metal’s ability to stay beyond 50-day Simple moving average to attack the 100-day Simple moving average level of usd1,904.54. However, any further upside will eye for a multi-day-old resistance line around usd1,917.

Should gold buyers manage to cross usd1,918 on a daily closing basis, November’s high near usd1,965/67 will be in the spotlight.

Meanwhile, a downside break of 50-day simple moving average, at usd1,871 now, will attack an upward sloping trend line from November 30, currently around usd1,843.

If at all the commodity sellers dominate past-usd1,843, the monthly low near usd1,776 may return to the charts

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Forex Trading

Gold sees heavy loss.

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The precious metal picks up bids around usd1,840, up 0.21% intraday, during early Thursday. The yellow metal marked the heaviest losses since November 24 the previous day but 200- hourly moving average triggered the much-awaited bounce.

The U-turn gains support from the receding strength of negative monthly average convergence divergence signals to suggest further upside towards 100-hourly moving average , at usd1,852 now.

However, a downward sloping trend line from Tuesday, near usd1,857 now, will challenge gold buyers ahead of highlighting the recent top surrounding usd1,876 on their radars.

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