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Play of the Day: Is Spot Gold (XAU/USD) Ready for a Short-Term Reversal?

November 8, 2023| Forex Market

If you’ve been watching commodity prices recently, then you’ll know that spot gold (XAU/USD) just broke a key support zone earlier this week.

And we don’t have to look far for answers!

Fading war risk premium has helped weaken the demand for “safe havens” like XAU/USD. At the same time, spotty economic indicators from China put in question the future demand for commodities including gold.

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