Gold edged higher on Wednesday, to record its third day of gains, which will remain limited due to the strong U.S. dollar and firmer equities, amid rising hopes of more stimulus measures from the European Central Bank, and it is expected to limit any strong rally of the yellow metal.
Bullion has struggled in August to decisively break above the psychological level of $1300 per ounce amid speculations that the Fed may hike its interest rates sooner than expectations.
The Gold prices recovered yesterday ting $1290.77 per ounce which represented a strong barrier for the Gold to continue its upward movement, due to decease of demand for the yellow metal, then steadied around $1286 per ounce, and as we can see on the dally chart, the crosses between the MA (200) and (300) confirms that the Gold will resume its bullish trend toward the main targets stated in our daily Newsletters.
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