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Next Support Eyed, With ETFs Shedding Exposure

GOLD

The recent pressure on bullion extended into the first trading session of the new week, with spot shedding ~$16/oz to last deal around $1,770/oz after bottoming out just above the 50% retracement of the March to August rally, located at $1,763.5/oz. The continued leg lower in known ETF gold holdings has been the dominant theme in recent sessions, even with the DXY trading on the backfoot and limited movement for U.S. real yields.

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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