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Steady Near Highest Level Since May

GOLD

Gold is slightly higher in the Asia-Pac session, after closing 0.7% higher at $2014.13 on Monday.

  • The yellow metal currently sits near the highest level since May, supported by lower US Treasury yields and a weaker USD index.
  • US yields and the USD have declined in November as investors made wagers on a dovish pivot from the US Federal Reserve next year, with weak economic data bolstering expectations that the central bank is done with rate hikes.
  • Bullion reached a high of $2018.21 on Monday, piercing resistance at $2009.4 (Nov 7 high). According to MNI’s technicals team, a clear break of this hurdle would confirm a resumption of the uptrend and open $2022.2, the May 15 high.

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