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Free AccessSpot Gold Consolidates Prior Strong Gains
- Spot gold edged up a further 0.1% to $2,182/oz on Monday, expanding its winning streak to nine consecutive sessions as it consolidated its prior strong gains.
- The yellow metal last week traded above resistance at $2135.4, the Dec 4 high, signalling scope for a climb towards $2206.6 next, a Fibonacci projection. Short-term conditions are overbought, however this does not appear to be a concern for bulls - for now.
- Crude was trading lower at US close amid signs of weaker Chinese demand, while the market awaits inflation data ahead of the US CPI release tomorrow.
- OPEC+ crude oil production rose to 34.62mbpd in February, up from 34.54mbpd in January and 0.30mbpd above the pledged output target according to Argus estimates.
- WTI is +0.15% at $78.13/bbl. The WTI futures trend condition remains bullish and the recent breach of key resistance at $79.09 highlights potential for a continuation towards $81.70, a Fibonacci retracement. On the downside, support to watch is $76.52, the 50-day EMA.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.