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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.
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MNI China Daily Summary: Wednesday, Dec 4
Third Straight Week Of Gains, ETF Holdings Trending Higher Again
Gold is closing in on previous resistance points, with the precious metals last near $1930. Moves above this level were not sustained through Wednesday and Thursday of this week (highs near $1937.50). Still, we are still up close to 0.50% for today's session, slightly outperforming the broad USD indices (BBDXY -0.30%). For the week, gold is up just over 3.2%, which is the third straight week of gains.
- Gold has run ahead of USD weakness in this latest surge higher. This is likely to reflect renewed safe haven demand for the metal given the jitters in global banking stocks this week.
- Note that gold ETF holdings are trending higher again after reaching a trough point last Friday.
- A clean break above the $1933/37 region will likely have bulls targeting earlier YTD highs above $1950. Note the simple 50-day MA sits back at $1877.
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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.