Gold

Looking at GOLD’s chart, we can see that the precious metal is traded at the 52W high price of around $2025. Gold has been in an uptrend and keeping in that direction, and today we could see it climb even higher. Important role on the direction of that commodity will be the results of the US’ ADP Nonfarm employment change and ISM Non-Manufacturing PMI which will be announced today at 15:15 and 17:00 (GMT+3). In case of a correction, the support level is located at around $1980.

XAUUSD

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AUD/USD consolidates near the weekly low touched on Wednesday amid fading optimism over a quick resolution to the US-China trade dispute. Moreover, easing concerns about the Fed's independence assists the USD to preserve its recovery gains registered over the past two days and acts as a headwind for the currency pair. 

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USD/JPY eases from over a one-week top set on Wednesday and stalls this week's recovery move from a multi-month, though it lacks follow-through selling. Concerns about the US-China trade standoff and the divergent BoJ-Fed policy expectations continue to underpin the JPY, which weighs on the currency pair.

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Gold price rallies back to $3,340 area on fading US-China trade deal optimism

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Gold price regains positive traction during the Asian session on Thursday and snaps a two-day losing streak to the $3,260 area, or the weekly low touched the previous day. The optimism over a possible US-China trade deal fades quickly and revives demand for the safe-haven bullion. 

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Will the US strike a trade deal with Japan? That would be positive progress. However, recent developments are not that positive, and there's only one certainty: headlines will dominate markets. Fresh US economic data is also of interest.

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