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GOLD: The early bout of risk-on flows on the back of the Trump-Xi meeting and
impromptu Trump-Kim get together have weighed on the yellow metal, resulting in
a convincing break below $1,400/oz. Bullion last deals the best part of $20
lower on the day at $1,391/oz, but comfortably off the early Asia lows at
~$1,384/oz. It would seem that the broader market is paring back some of the
early flows on the realisation that the temporary trade truce between the U.S. &
China is perhaps more of a can kick, with none of the integral structural issues
addressed over the weekend.
- Bears will be encouraged by the break back below former resistance from the
trend channel drawn off the Aug 2016 2018 lows, and now target trendline support
from the May 30 low. Bulls look to regain some poise and aim to recover
$1,400/oz in short order.