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Gold shed $5/oz overnight, ignoring the........>

GOLD: Gold shed $5/oz overnight, ignoring the global trade backdrop as the U.S.
Tsy confirmed that the prev. announced tariffs on China were scheduled to go
into effect at midnight ET, with U.S. President Trump noting that he is eyeing
up another $16bn in China tariffs in the coming weeks. Markets now await China's
response after the country's foreign minister hit out against the tariffs.
- Fresh 2018 & 7-month lows lacked follow through on Tuesday with an aggressive
bounce from below the long term rising trend line off of 2015 lows and ahead of
the key 200-WMA ($1233.8). Bears look for a close below the 200-WMA to confirm
breaks of key supports and initially target $1204.5. Bulls need a close above
$1262.7 to return pressure to $1273.5 where the 100-WMA is noted. Correcting
oversold studies are a concern for bears.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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