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XAUUSD (GOLD) ANALYSIS 04 AUGUST 2022 THURSDAY

XAUUSD (GOLD) ANALYSIS 04 AUGUST 2022 THURSDAY

Trading range of XAUUSD for today is 1762-1774. It is facing resistance around the level of 1775, if it breaks then next resistance will be around 1780, then around 1790 while on the downside, it is taking support multiple times from the range of 1750-1755. Following the appearance of a stop in the U.S. dollar’s surge, gold prices increased somewhat on Thursday, while the majority of other precious metals saw modest gains. A potential escalation in U.S.-China tensions had also driven safe haven demand for the greenback. Even while gold seems to have made some progress over the last two weeks, the likelihood of rising interest rates this year clouds the yellow metal’s future. As the Federal Reserve continues to tighten monetary policy, it is also anticipated that most other precious metals will experience muted price movement. Key events to look for today are Bank of England Monetary policy report, U.S. FOMC Member Mester Speaks and Reserve Bank of Australia Monetary Policy Statement.

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