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Precious metals surged early on Monday after...>

GOLD
GOLD: Precious metals surged early on Monday after Fed Chair Powell painted a
pretty bleak picture of the U.S. economy and noted that the Fed hasn't run out
of ammunition, although he once again pushed back against the idea of negative
interest rates. A slightly softer USD also contributed to the move.
- Spot gold last sits +$17/oz at $1,761/oz.
- After registering a fresh multi-year high, bulls look for a break above
$1,770.1/oz, the 1.236 projection of the Nov-Mar rally from the Mar 16 low (the
current intraday high is just shy of $1,770/oz). A break there would allow them
to focus on $1,800/oz.
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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