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Gold at new annual highs on weaker Greenback

© Dukascopy Bank SA
"Gradual pace of tightening will be maintained in the context of China risks, global financial volatility and the knock-on impact on the U.S. economy."
- Mizuho Bank (based on CNBC)

Pair's Outlook
Yellow metal brought substantial returns on March 3 when the price surged to almost the 1,270 mark from 1,240 in one day. With markets becoming more volatile ahead of NFP data from the US, the Dollar pared gains and provided gold with upward momentum. The high of Feb 11 at 1,263 was penetrated and now the price is hovering at peaks last seen in February 2015. Today is a highly data-dependent day. Disappointing payrolls may push the bullion to weekly R2 (1,277) with a possibility of growing even closer to 1,300. Alongside, good data will help the bears to reclaim the weekly R1 at 1,249.

Traders' Sentiment
24 hours ago the bullish market portion dropped back to 41% from 50% seen back on Wednesday. Over the last trading session they have regained only one percent to 42%, meaning the bears are managing to maintain a considerable advantage over their bullish peers.

© Dukascopy Bank SA

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