Prices Dip On Reports Of Protests In China, Waiting For FOMC Minutes

Gold dipped after reports of violent protests at an iphone factory in China boosted the USD. Before that it had been range trading as it awaits the publication tonight of the minutes from the last FOMC meeting. It is off of the initial low of $1733.38/oz and is around $1734. It reached a high of $1742.97 earlier.

• Bullion continues to trade between its initial resistance of $1786.50 (November high and bull trigger) and support at $1718.60 (20-day EMA). Short-term conditions remain bullish for gold.
• Fed speakers suggesting that they’re open to slowing the pace of tightening supported gold overnight. The market will be look to the November minutes for other signs of a less hawkish Fed. If the Fed pivots and reduces the size of rate hikes, then gold prices are likely to benefit as they tend to move inversely with bonds yields.
• Tonight the Global S&P preliminary PMIs print for Europe and the US. Also, a swathe of US data including unemployment claims, durable goods orders and Michigan consumer sentiment are released ahead of the Thanksgiving holidays.