U.S. dollar-gold correlation to dictate price moves in the near term: MKS PAMP Group
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(Kitco News) The U.S. dollar-gold correlation will be one of the primary drivers for the precious metal in the short term, according to MKS PAMP Group. “The correlation between the USD and gold remains intact to dictate price action over the near-term, with the DXY index holding toward 93.00 as both the Euro and the Japanese Yen retrace recent strength,” MKS says. Gold’s broad support level is currently around $1,925 an ounce, with strong psychological support just below it at $1,900 an ounce. Meanwhile, key resistance is at $1,975 - $1,980, notes MKS.
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