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MNI: * CORRECTION (Changing $1,600 to $1,360) Gold...>

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MNI: * CORRECTION (Changing $1,600 to $1,360)
Gold last traded $5 or so higher as the USD softened in Asia-Pac trade, and is
up around 3.0% on the week thus far, although it couldn't manage to run above
$1,360/oz, last trading around $1,359/oz.
- US 10-Year yields continued to hover around 2.90% overnight and provided
little impetus for those trading the yellow metal, while the run higher in
equities did little to stymie demand for the safe haven.
- Resistance lies at $1359.7, hourly support from Jan 25 which is now
resistance, and then at $1367.3, the monthly high from Aug 2 2016. Bulls
continue to look for a close above $1374.9 to confirm focus on $1391.8-1433.3.
Daily studies are well placed for gains. Bears need a close below $1345.5 to
gain breathing room and below the 21-DMA to shift focus back to $1302.5-1306.9.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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