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In commodities, spot gold was closing near.....>

GOLD
GOLD: In commodities, spot gold was closing near $1,282.05 per ounce, after
trading in a $1,267.90 to $1,283.94 range.
- At the peak of dollar selling and safe-haven demand, the precious metal topped
out near $1,292.10 last Friday, nearly revisiting 2017 highs.
- On June 6, gold posted a high of $1,296.15, but then stalled, creating a
double-top with the $1,295.56 high seen April 17. Subsequently, gold moved lower
as U.S. Treasury yields and the dollar recovered, bottoming July 10 near
$1,204.90.
- If the psychological $1,300 mark gives way, the not topside target will be
$1,337.38, the high seen Nov. 9, in the wake of the U.S. election.
- OUTLOOK: Bears failed to capitalise further on the correction lower from ahead
of 2017 highs with gold finding support ahead of the daily bull channel base and
21-DMA. The close above $1277.7 sees bulls gain breathing room but a close above
2017 highs is now needed to reconfirm the bullish bias. Initial support is noted
at $1277.7 with bears needing a close below to ease bullish pressure and return
focus to $1265.0-1265.5.

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