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Spot sits ~$4/oz higher on the day at..........>

GOLD
GOLD: Spot sits ~$4/oz higher on the day at typing, printing at $1,749/oz after
a brief show above $1,750/oz in Asia-Pac hours as the Moderna-inspired risk-off
impetus evident at the end of Tuesday's Wall St. session supported bullion.
- As we noted on Tuesday, last week's key technical break was a move out of the
triangle formation the yellow metal had been trading within over the past few
weeks. The break has resulted in a move above $1747.4/oz, the Apr 14 high, which
confirms a resumption of the underlying uptrend. This opens $1,770.1/oz, a
Fibonacci retracement level, and $1,781.0/oz, the mid Oct 2012 high, ahead of
the psychological $1,800/oz level. Firm support lies at $1,718.5/oz, former
triangle resistance-now-support.
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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