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Novox XAUUSD Daily Analysis



Fundamental analysis: 

the price of gold rose to the high level and fell back on Thursday. Spot gold closed at around US$1846 in late trading. Stimulated by Powell’s speech, spot gold rose to US$1,857.54 per ounce earlier, and then gave up all the gains. Investors are weighing the rise in U.S. Treasury yields and the fall in the U.S. dollar, while waiting for the details of US President Biden's economic stimulus plan.


Technical analysis:

Spot gold closed the doji yesterday, but today it may break through the range and fluctuate. Today, observe whether gold can rebound again at the first support level at the bottom after falling. You can choose the opportunity to try to place more orders at the bottom support level.


Operation suggestion:

It is recommended to choose a suitable opportunity to enter the market at a low point. Aggressive operators can wait for the gold to return to the vicinity of the 1838 area and enter the market to do more. Stop loss is 10 US dollars and profit is 10 US dollars.


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