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Bounce Extends to Fresh Session Highs

GOLD

Spot gold bounces ~$35/oz from session lows as the broader USD and U.S. Tsy yields pull lower, looking through $2,060/oz at typing.

  • The move off hawkish session extremes for broader markets came as participants examined the details of the NFP release, along with the revisions, which took the shine off the initial readings.
  • Meanwhile, a softer-than-expected ISM survey, with a particular focus on the contractionary employment sub-index reading, allowed the move to extend further.
  • The Dec 28 high ($2,088.5/oz) presents the initial level of resistance, with the bullish technical theme intact.
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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