Barrick Gold CEO Holds Ground on Major Acquisitions Amid,...

Barrick Gold's CEO, Mark Bristow, conveyed to Bloomberg in an interview on Tuesday that despite the pursuit of deals by its mining competitors, the company remains steadfast and unswayed, choosing not to succumb to any significant acquisitions under pressure.

XAUUSD BUY LIMIT 1922 -1924💯💯

✅ TP1: 1928
✅ TP2: 1934

🛑 SL: 1918

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"We're not anti-M&A... but the problem is that, in the gold industry, most of the tier one assets remaining are embedded in bad assets, and you can't unlock them," Bristow said.

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XAUUSD SELL 1929 -1931💯💯

✅ TP1: 1925
✅ TP2: 1922

🛑 SL: 1935

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The drop comes as the dollar strengthened after Moody's Investor Service downgraded its ratings on the debt of 10 US banks and changed its outlook to negative for another 11 banks. The downgrades refresh memories of the turmoil that followed the collapse of Silicon Valley Bank and Signature Bank earlier this year.

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In the Asian morning session, gold experiences an upward trend due to potential safe-haven requirements. Edward Moya, a senior market analyst at Oanda, suggests in an email that the precious metal is once again assuming the role of a safe haven. This observation comes in light of unfavorable China trade data, downgrades in the ratings of certain U.S. regional banks, and mixed earnings. Moya anticipates that if the global economic situation worsens, gold will attract more interest. Currently, spot gold shows a 0.2% increase, reaching $1,928.39 per ounce

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After experiencing gradual declines starting from mid-July, gold is currently positioned directly atop the ascending trendline originating from February, as depicted in the chart below. If this trendline is breached, the potential for a more pronounced bearish technical sentiment might emerge. This scenario would then reveal the 38.2% Fibonacci retracement level at 1903, which notably coincides with the lows observed in June.