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GOLD: Spot Gold Rises to Fresh Record High Above $2453

GOLD
  • The yellow metal attracting further attention as spot trades through the May highs to reach a fresh all-time high above $2,453 in recent trade. Renewed focus on Fed rate cuts following the US inflation data last week remains the primary driver, with last Thursday’s break back above $2,400 kick starting the next leg higher. 
  • Having now breached the bull trigger, technical conditions remain firmly in bullish territory, signalling scope for a move towards $2481.5, the 2.764 Fibonacci projection of the Oct 6 - 27 - Nov 13 price swing.

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