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Slips From Closing Highs

GOLD

Gold slipping lower in Asia-Pac trade, retreating from the day's highs hit near the close on Wednesday. Sentiment in the region has been mostly positive while e-minis have also held a decent bid through the session. Gold has moved in a range this week, this follows last week's move lower and extension of the bear phase that has been in place since Sep 3. A break of $1721.7, Sep 29 low would confirm a resumption of weakness and open key support at $1690.6, Aug 9 low. Markets await the key catalyst of US NFP data on Friday, while US fiscal machinations will be watched after US Senator McConnell said a short-term debt ceiling vote is possible today.

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