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Back To Unchanged After Hitting Air Pocket In Asia

GOLD

Spot has recovered to trade at nearly unchanged levels ($1,869/oz) after hitting a bit of an air pocket during Asia-Pac hours, as it broke through Thursday's low and then technical support in the form of the May 20 low, bottoming out at $1,856/oz. Gold has struggled over the last 24 hours, with the broader U.S. dollar pushing higher over that horizon, while U.S. real yields also ticked higher. This dynamic came about on the back of stronger than expected U.S. labour market data (initial jobless claims and ADP employment) ahead of today's NFP print. Some have questioned the link between the ADP & NFP releases, but the latter will no doubt shape broader price action on Friday.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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