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Tracking Comfortably Higher For The Week, As Dollar Sentiment Falters

GOLD

Gold has added to Thursday gains in the first part of Friday dealing. We last tracked at $1986.75, a further 0.30% gain, after Thursday's +1.07% rise. Intra-session highs from Thursday at $1988 aren't too far away, with support evident ahead of $1980 in early trade today.

  • Gold is tracking nicely higher for the week, +2.4% at this stage, thanks to the combined effects of lower US yields and a pull back in USD sentiment.
  • The technical set up looks positive, recent gains fulfil a bullish trend set-up, clearing $1978.4 (Nov 7 high) to next open a bull trigger at $2009.4 (Oct 27 high).

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