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Gold Price Forecast: XAU/USD retreats above $1,800 on greenback strength

Tuesday, July 20, 2021

$1,800+ Gold Despite Greenback Strength

Gold last traded at $1,810 an ounce. Silver at $24.96 an ounce.

NEWS SUMMARY: Precious metal prices rose Tuesday on bargain-hunting despite a firmer dollar. U.S. stocks attempted to rebound after concerns about the spread of Covid-19's delta variant caused investors to dump equities in the prior session.

FX sTREET--"Gold holds lower ground near $1,812 ahead of Monday's European session. The yellow metal's latest pullback could be traced to the market's rush to risk-safety amid the coronavirus (COVID-19) woes in Asia-Pacific nations.

Also weighing on the market sentiment, putting a safe-haven bid under the US dollar and dragging gold, could be the indecision over the Fed's next moves. This could well back the Financial Times (FT) piece suggesting that the bullish bets on the US Dollar Index (DXY) jump to the highest in over a year.

Given the light calendar day ahead, headlines concerning the Delta variant of the covid, mainly from the UK and Australia, will be the key to watch for fresh impulse....

The recent increase of concerns over the spread of the delta variant is hurting risk appetite which could fall into the hands of both the price of gold and the US dollar."

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