DUST - Gold rises above $1800/oz and hits a three week high
Gold jumps above the $1,800/oz level early on in Tuesday’s trading session, taking the precious metal to a recent three-week high. Traders are back from a long holiday weekend and start the day off as buyers after gold has been trading in a lower range and choppy market conditions.While the trading session has just started, gold is looking to close in positive territory and extending its daily winning streak to five days. Dating back to June 30th, and the precious metal is +2.76%.With a continued weakening U.S. dollar, the inversely correlated asset has risen and been supported by investors. As of Tuesday session, gold is +1.00%.Margaret Yang, a strategist at DailyFX stated “It’s mainly a weakening U.S. dollar that is boosting gold prices. Gold was sold down heavily after the June FOMC meeting and now that expectations have been priced in, buyers are back to the market.” Below is a chart spanning back
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Gold rises above $1,800/oz and hits a three week high