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Precious Metals Weighed as USD Index Flexes Further

GOLD
  • Gold slips through the earlier lows to touch again the lowest levels since Aug26 as activity picks up following the Wall Street cash equity open. The move sees near-term support at $1792.50 give way (the Sep 7 low) to open losses toward $1774.50, the Aug 19. A show below here would mark a short-term reversal.
  • Price action today sees the metal reverse further off resistance at 1834.10, the current bull trigger, which marks the level needed for gold to retain the last week's more bullish theme.- Move coincides with further strength for the dollar, weighing on commodities more broadly.

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