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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessMNI BRIEF: China Crude Oil Imports Accelerate In November
MNI BRIEF: RBA Holds, Notes Declining Inflation Risk
MNI: PBOC Net Injects CNY90.3 Bln via OMO Tuesday
Bear Flag Breakout
- RES 4: $1765.5 - High Aug 25 and a key resistance
- RES 3: $1729.2/35.1 - 50-day EMA / High Sep 12
- RES 2: $1688.9/1707.1 - Low Sep 1 / High Sep 14
- RES 1: $1654.0 - Low Sep 21 and a recent breakout level
- PRICE: $1638.5 @ 07:17 BST Sep 26
- SUP 1: $1626.9 - Intraday low
- SUP 2: $1610.5 - 1.00 proj of the Jun 13 - Jul 21 - Aug 10 swing
- SUP 3: $1569.1 - Low Apr 1 2020
- SUP 4: $1563.9 - 1.236 proj of the Jun 13 - Jul 21 - Aug 10 swing
Gold traded lower Friday, breaking out of its recent range and in the process confirmed the bear flag formation evident on the daily chart. The break confirms a resumption of the downtrend and maintains the bearish price sequence of lower lows and lower highs. Moving average studies are in a bear mode position, clearly highlighting current market sentiment. The focus is on $1610.5, a Fibonacci projection. Initial firm resistance is at $1688.0.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.