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Gold Prices Gain In Asia On Weaker Dollar, Trump Trade Policies Eyed

Published 01/23/2018, 10:02 PM
Updated 01/23/2018, 10:02 PM
Gold gains

Gold gains

Investing.com - Gold prices gains in Asia on Wednesday with a weaker dollar aiding buying for the greenback-denominated commodity with a backdrop of rising concerns about growing US protectionism in global trade ahead of a speech at the end of the week by president Trump in Davos.

Comex gold futures rose 0.26% to $1,340.20 a troy ounce. The US dollar index was down 0.14% to 89.75.

Overnight, gold prices remained higher on Tuesday, as sentiment on the U.S. dollar remained fragile even after the U.S. government shutdown ended.

The dollar only mildly recovered after Congress approved a measure on Monday to fund the government for around three weeks and President Donald Trump signed the bill, ending the three-day government shutdown.

Gold is sensitive to moves in the dollar. A weaker dollar makes gold less expensive for holders of foreign currency.

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Precious metal rocks after dollar become continue weak due to US govt shutdown effect. For weekly and holding strategy in XAU, XAG, DX, EU, GU and UJ.mm 1). Sell XAU at cmp $1342-$1345 range and keep sl??? and tgt1 $1327 and tgt2 $1315.mm 2). Sell XAG at cmp $17.080-17.150 range and keep sl??? and tgt1 $16.700 and tgt2 $16.350.mm 3). Buy DX at cmp $89.62-89.45 range and keep sl??? and tgt1 $90.95 and tgt2 $91.60.mm 4). Sell EU at cmp $1.2335-2355 range and keep sl??? and tgt1 $1.2205 and tgt2 $1.2140.mm 5). Sell GU at cmp $1.4049-4065 range and keep sl??? and tgt1 $1.3920 and tgt2 $1.3850.mm 6). Buy UJ at cmp $109.81-109.65 range and keep sl??? and tgt1 $111.25 and tgt2 $112.00.mm
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