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Bid On Broader Risk-Off Theme

GOLD

Gold has benefitted from the broader safe haven bid witnessed in Asia-Pac trade, adding the best part of $10/oz, to trade just shy of $1,800/oz at typing. The wider market reaction to the discovery of an aggressive new COVID strain in Africa will be the headline market driver ahead of the weekend, although shortened trading hours in the U.S. will continue to limit broader market liquidity. From a technical perspective, bulls need to reclaim the 20-day EMA to begin to reassert control. Conversely, to the downside, key support is located at the Nov 3 low ($1,759.0.oz).

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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