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Gold tumbles to March low on hawkish Fed comments

Discussion in 'Technical Analysis' started by FXStreet_Team, Mar 24, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The price of gold hit a new March low on Wednesday after relatively hawkish comments from US Federal Reserve officials weighed on the precious metal and boosted the US dollar. As a result, gold dipped below $1225, a key support level. The comments from Fed members appeared to mitigate last week’s FOMC statement, which was widely seen as surprisingly dovish due to its significant lowering of expectations for US rate hikes this year. That dovish statement prompted a sharp and immediate sell-off

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