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USD Strength Weighs Further on Precious Metals

GOLD

Precious metals bearing the brunt of the USD uptick today, countering any safe haven bid that may have emerged from the equity sell-off. Spot gold has shed well over $50 at current levels and has traded through psychological handle support at $1900/oz.

This exposes MNI tech support at $1863.2, the Aug 12 low and reversal trigger as well as $1841.2, the Jul22 low

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