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PBOC might take action if further rise is rapid, were to hurt country's exports
The above narrative suggests that China still has some room for tolerance to allow the yuan to strengthen further, although they will surely be aware of any major or rapid acceleration should the dollar meltdown go too far, too fast.
A drop in USD/CNY to 6.40 would mean another 2% drop from current levels. Since peaking in late May, the pair has already fallen by roughly 9%.
Further Development
Analyzing the current trading chart of Gold, I found that there is potential for the completion of the downside correction ABC major in the background, which is strong sign for potential upside continuation.
1-Day relative strength performance Finviz
Based on the graph above I found that on the top of the list we got Platinum and Lumber today and on the bottom Ethanol and Feeder Cattle.
Gold is positive today on the list...
Key Levels:
Resistance: $1,950 and $1,960
Support level:$1,767
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