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XAUUSD (GOLD) ANALYSIS 05 AUGUST 2022 FRIDAY

XAUUSD (GOLD) ANALYSIS 05 AUGUST 2022 FRIDAY

XAUUSD is trading in the range of 1788-1795 for the day. If it breaks 1788 on the downside, then next support is around 1780 then 1775. While on the higher side, if it breaks 1795, then major resistance is around 1800. If it breaks 1800 then we can see good up move in the price of gold till the level of 1810. Amid mounting concerns about slowing global economy, gold prices increased on Friday and were expected to conclude the week higher. Dollar losses prior to the release of U.S. nonfarm payrolls data also benefited metals. A rise in tensions between China and Taiwan following Beijing’s firing of missiles around the island as part of a “military drill” also contributed to an increase in demand for safe havens throughout Asia. The action was a response to Chinese opposition to U.S. House of Representatives Speaker Nancy Pelosi’s travel to Taiwan this week. Key events to look for today are U.S. NFP data and U.S. unemployment rate.

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