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David Becker

Gold prices hit fresh all-time highs on Tuesday, as the dollar eased and was unable to gain traction after rebounding during the past two trading sessions. The US 10-year yield moved lower closing at an all-time closing lower of 51-basis points an is poised to test lower levels. This has put the real-year, which is the 10-year yield minus inflation in negative territory. This pulled the interest rate differential between the US and Europe down weighing on the greenback which paved the way for higher gold prices.

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Technical analysis

Gold prices hit all-time highs and are now up 1.5% for the week after rising 3.5% last week.  Support is seen near the 10-day moving average near 1,944. Medium-term momentum has turned positive and continues to accelerate higher as the MACD (moving average convergence divergence) histogram is printing in the black with an upward sloping trajectory points to higher prices. Short-term momentum continues to flip flow but has turned positive and is accelerating higher. The fast-stochastic is printing a reading of 97 above the overbought trigger level of 80, which could foreshadow a correction. The RSI is printing a reading of 86, above the overbought trigger level of 70 which could foreshadow a correction.

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US Factory Orders Rise

The Labor Department reported on Tuesday that U.S. factory orders rose 6.2% in June rising for the second consecutive month. Expectations were for Factory Orders to rise by 4.6%. Orders for durable goods rose a revised 7.6% in July, a bit higher than the initially reported 7.3% increase.

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