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Slightly Firmer, US Tsy Yields Lower


Gold is 0.3% higher in the Asia-Pac session, after closing +0.3% on Monday.

  • The strengthening in gold was supported by lower US tsy yields on Monday. In a data light session, technical flows dominated US tsy trading as participants eyed Friday's US Non-Farm Payrolls data.
  • According to MNI’s technicals team, the trend outlook in bullion remains bearish, however, a short-term correction resulted in a recovery last week. The yellow metal has breached resistance at the 20-day EMA and attention turns to the 50-day EMA, at $1930.8.
  • A clear break of this average would strengthen the current bull cycle.
  • For bears, moving average studies continue to highlight a dominant downtrend. Key support and the bear trigger has been defined at $1884.9, the Aug 21 low.

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