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Daily Market Analysis 03|02|2021: GOLD

Instrument: GOLD

Technical Analysis

Bearish Preference: Sell is envisage if price trades below 1834.29 with take profit at 1830.64.

Bullish Preference: Buy is envisaged if price trades above 1845.62 with take profit at 1850.27.

Fundamentals:
4:00pm USD ISM Services PMI

Comment: Gold was up on Wednesday morning in Asia, amid growing hopes of further U.S. stimulus measures.
Democrat lawmakers in the U.S. Senate began debate on a fiscal 2021 budget resolution with COVID-19 aid spending instructions. This is a first step towards passing the $1.9 trillion stimulus package proposed by President Joe Biden, and an indication that the Democrat-majority chamber will advance the bill without Republican support.

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