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Gold Prices Move Higher As USD Weakens On Better Global Outlook

GOLD

MNI (Australia) - Gold prices have rallied today to $1808.60, up 0.6% from Friday’s NY close. It reached an intraday high of $1808.77 in recent trading, the highest since early July. Gold has bounced on the weaker USD (-0.4%), which has trended down on news of China easing some Covid-related restrictions.

  • Gold broke through the bull trigger of $1786.50 last Thursday, confirming the recommencement of the upward trend. Today it broke through resistance at $1807.90, the August 10 high. Key trend support is at $1729, the November 23 low.
  • Bullion fell on the robust US labour market report on Friday but did recover some of its losses by the close.
  • Tonight the November PMIs in Europe and the US are released and the US ISM services index prints.

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