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Gold Price Forecast: XAU/USD extends its upside above $2,050, all eye on US PCE data

From fxstreet.com

Gold price (XAU/USD) extends its gains during the early Asian session on Friday. The softer US Dollar (USD) and the downbeat US GDP growth number lends some support to the yellow metal. Gold price currently trades near $2,055, gaining 0.53% on the day. Meanwhile, the US Dollar Index (DXY), a measure of the value of the USD against a weighted basket of currencies used by US trade partners, has dropped to its lowest level since August, near 101.80. The Treasury yields rose modestly, with the 10-year yield standing at 3.89%. Data released on Thursdays showed that the US Gross Domestic Product (GDP) for the third quarter ... (full story)

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  • Category: Fundamental Analysis