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Daily Technical Breakdown: Gold Reaches a New High Above $3,350

Following Fed Chairman Jerome Powell’s speech yesterday, gold continues to reach new highs. The price of a gold ounce broke $3,350.

As the Euro nears crucial level of 1.1500, eyes today on the ECB rate decision. It’s expected that the Eurpean Central Bank will lower the interest rate by 25 basis points in today’s meeting. Alon with the overbought signal on RSI, the decision might push EURUSD pair lower.

Dow Jones fell again below the 40,000 level yesterday after Powell warns that tariffs might make it more difficult for the Fed to maintain inflation under control while ensuring stable employment numbers.

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