Morning Insights 16th August

Simon Alagbe

Analyst

Instrument: GOLDs (XAU/USD)

The safe-haven metal was helped by weak US consumer confidence data released on Friday, leading to a weakness in the dollar. The Greenback still appeared weak in the session today although the yellow metal is expected to retrace from its high to retest some lower support zones before moving back to the North. 


Technicals: 

I expect the precious metal to retest the 1772 support level before a move to the upside with a target at 1780.00 and stop-loss at 1769.08. 


Fundamentals 

No major economic data with a direct bearing on the commodity scheduled for release today. 

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