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Gold (XAU/USD) Knocked Back after NPF, but Retains Bullish Bias
The USD saw some early fireworks today as the NFP release showed 288K jobs added in June. This beat forecast of 214K, and is the 4th straight month of 200K+ reading. The USD rallied across the board. Gold (XAU/USD) was knocked back down to a consolidation range that it broke last week. This invalidates the breakout, and puts price back into consolidation. However, you can see that the initial dip has left a tail above 1310, which reflects buyers keeping gold in a bullish stance. The bullish bias is also evidenced by the state of the moving averages, and the RSI. If the RSI can hold above 40, the bullish momentum from ... (full story)
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