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RBA leaves rates on hold. Gold surges to 2 week high.

September 1, 2020 by Mario Soto

Nothing can stop the free-fall we are seeing in the dollar. Across all major pairs we see the dollar suffering and this is true in the gold price too. Gold bulls are running the streets of Wall St after a sluggish week saw the yellow metal fall below are critical level of $1977. Now we see it rally back past this too revisit the psychological hurdle of $2000.   The Reserve Bank of Australia decided to keep the cash rate on hold at 0.25%. The result came in as expected by economist and it showed in the AUD/USD as it maintained above 0.7400.   Over to the EUR/USD we see another strong bullish trend in this pair looking to finally pass 1.20 for the first time since early 2018. Currently it trades just above 1.990.

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