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Risk-off flows dominated the early part of.....>

GOLD
GOLD: Risk-off flows dominated the early part of the session after the U.S.
labelled China a currency manipulator, but the PBoC fixing USD/CNY sub-7.00 and
announcing the issuance of offshore CNH bills in Hong Kong stemmed some of the
worry. This allowed the yellow metal to trade back from session highs, with gold
last sitting ~$2 higher on the day at $1,466/oz.
- Trade war angst and the prospect of looser monetary policy around the globe
continue to support.
- Near-term resistance comes in at the 50% long-term Fibo at $1484 and monthly
trend channel top at ~$1508. We broke through the top of the ascending triangle
back in June. The target from the triangle breakout is around $1680.
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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