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Nudging Away From Tuesday's Lows

GOLD

A slight richening in U.S. Tsys has allowed bullion to form a base in Asia-Pac hours, with spot last dealing +$6/oz at $1,740/oz. This comes after an aggressive round of Tsy cheapening and an uptick in the broader DXY weighed on gold on Tuesday, with the sell off halting just below $1,730/oz. Bears failed to force a test of the 76.4% retracement of the Aug 9-Sep 3 rally ($1,724.5/oz). Fedspeak and the latest round of U.S. PCE data as well as the m'fing ISM survey present the main event risks during the remainder of the week.

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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