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CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS THURS

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MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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Gold is modestly lower in Asia-Pac trade on....>

GOLD
GOLD: Gold is modestly lower in Asia-Pac trade on Tuesday, the yellow metal last
down $0.87 at $1,293.65. The slight drop still keeps gold near highs hit
yesterday after reports that North Korea could be preparing for another missile
launch test.
- US politics are still in focus, with gold sensitive to incremental comments on
the Senate tax vote expected later this week.
- The latest CFTC COT data, delayed until Monday due to early closures on
Friday, showed that net longs in gold were cut in the latest week. Longs were
reduced by 4k contracts to 177k.
- There is a busy docket of Fed speakers on Tuesday; Dudley, Harker and Powell
will speak, while markets will also hear from US Tsy Sec Mnuchin.
- MNI technical analysis sees support at $1285.8 - Low Nov 24, resistance is
seen at $1299.1 - High Nov 27. The break of $1297.0 lacked follow through but
with the 55-DMA ($1286.3) now supporting bullish focus shifts to $1306.0-1320.0.
The Bollinger top ($1296.8) is the key concern for bulls with potential to limit
follow through.
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