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Free AccessGold based ahead of the psychological $1400....>
GOLD: Gold based ahead of the psychological $1400 level yesterday, before
rallying +$30 towards the NY close.
- The risk averse theme on persistent global trade concerns and a flurry of soft
earnings saw the dollar pare light gains. The break back under 3,000 in the S&P
500 was the reported trigger through the US afternoon which saw gold briefly
spike above $1430, before easing ahead of the close.
- The yellow metal last trades $4 lower on the session, last $1422.50.
- Yesterday's candle was a bullish engulfing as gold continues in its
symmetrical triangle formation. Triangle top resistance comes in today around
$1434.9. Key support remains at $1400, ahead of the triangle base around
$1389.8.
- Quiet on the US calendar today with main highlights from Initial Jobless
Claims & Philly Fed index. Speeches also due from Fed's Goldberg & Williams.
To read the full story
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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.