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Why MNI
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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.
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Free AccessGold is lower in Asia-Pac trade, the risk on...>
GOLD: Gold is lower in Asia-Pac trade, the risk on rally seen in the US carrying
over to Asia and hurting the yellow metal. Gold last trades down $5.97 at
$1,276.18. Positive sentiment is supporting risk on assets to the detriment of
safe havens as the US/North Korea tensions abate with the latest development
seeing North Korean leader Kim Jong Un saying they will not launch a missile
attack on Guam as threatened. This followed earlier comments from US Def. Sec
Mattis and Sec. State Tillerson that downplayed the chances of war with North
Korea.
- Gold dropped to the lowest level since August 9 early in the session, hitting
$1,272.92 as markets increased their appetite for risk, with a rise in USD also
contributing to the downside with DXY recovering to 93.541 from lows of 92.934
on Friday.
- The decline is gold is limited by lower expectations of a rate hike after weak
CPI data on Friday.
- MNI technical analysis sees support at $1270.0 hourly support Aug 9,
resistance is seen at 1277.7 hourly support Aug 10 now resistance.
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.