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Can gold secure daily close above $1800?

Spot gold has moved tantalisingly close to the psychologically-important $1800 level amid rising expectations for a less-hawkish Fed, in light of the deceleration seen in the latest CPI and PPI prints.

The precious metal also managed to clamber back above its 50-day simple moving average, which serves as the immediate support level, and is on course for a fourth straight weekly gain – the precious metal’s longest winning streak so far this year.

Can gold secure daily close above $1800?

 

Bullion bulls remain on the hunt for fresh impetus to send prices above the psychologically-important $1800 line.

A further souring of the global economic outlook, which limits the scope for rate hikes by major central banks, could in turn spur further gains for the safe haven gold.

Still, market expectations for the incoming Fed rate hikes remain in the driver’s seat in setting the path forward for gold prices.

 

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