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Bullion At A Fresh All-Time High

GOLD

Gold is 1.3% higher at a new all-time high at $2258 in the Asia-Pac session, after closing 1.6% higher on Thursday.

  • The Fed’s preferred gauge of underlying inflation — the core PCE deflator — cooled in February, data showed Friday (2.8% y/y from 2.9% prior), when many markets were closed. That added to the case for an easing in policy, although the Federal Reserve has been striking a cautious tone.
  • According to MNI’s technicals team, the trend condition in bullion remains bullish and moving average studies are in a bull-mode condition, reflecting positive market sentiment.
  • Key short-term trend support has been defined at $2146.2, the Mar 18 low.
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