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Eyeing Higher Levels

GOLD

Gold is tracking higher, last near $1884, for a +0.40% gain for the session. We remain below Wednesday session highs near $1887, but dips sub $1870 remain supported. Since the start of the year gold has only had 2 down sessions. Focus remains on upside targets, with $1896.5 (61.8% retrace of the Mar-Sep bear leg) potentially in play if we see a weaker than expected US CPI outcome later.

  • Positioning may already be somewhat skewed for a softer outcome though given recent gold trends and USD indices sitting close to recent lows.

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