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Prices Rise As Risk Sentiment Improves, China Covid Briefing Ahead

GOLD

Gold prices are up 0.5% to around $1750/oz as the DXY has declined 0.4% since the NY close as risk appetite improved on sharply higher equity markets in Hong Kong and China. China is to hold a Covid press conference later today.

  • Gold reached a low of $1741.36 early in today’s session and a high of $1750.60 recently. Any further improvement in risk sentiment that weighs on the USD could push bullion higher.
  • Gold remains in a bullish trend and the latest pullback is seen as corrective. Today bullion moved away from the initial support at $1729.20, the 20-day EMA. The bull trigger is at $1786.50, the November 15 high.
  • There is very little overnight except for some US house price data and US November consumer confidence. The focus of the week will be Friday’s payrolls.

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