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Gold Weekly Technical Outlook + MORE

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Risk-off sentiment in Europe and US last Friday is carried forward to Monday. Worries over UK leaving the EU intensified as latest polling results showed that the “leave” camp leads by at least 10 points. Together with soft macroeconomic data from China released earlier today, shares in Asia slumped with benchmark indices losing more than -2…

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Investors remain cautious on Tuesday although losses appeared to have tamed in European and US sessions. Crude oil prices fell for a third consecutive day on the broad-based risk aversion as Chinese data disappointed and Brexit referendum approaches. OPEC in its latest monthly report left the global oil demand outlook unchanged and reiterated that oil market would reach balance by the end of this year…

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In May, China’s trade surplus widened to US$49.98B from US$45.46B a month ago. On a 12-month rolling basis, the figure narrowed to US$602B. Exports contracted -4.1% y/y, worsening from -1.8% in April, whist imports declined -0.4%, moderating from April’s -10.9%. Looking at exports, shipments to almost all destinations dropped from a year ago dropped from a year ago…

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Silver’s rebound from 15.83 continued last week. Strong break of 16.58 resistance confirmed near term reversal and further rise could be seen to retest 18.08 high. At this point, price actions from 18.05 are viewed as a consolidation pattern and could extend with another fall. In case of another decline, down side should be contained by 61…

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Gold’s rebound form 1199.0 continued last week and further rise should still be seen towards 1306.0. Price actions from 1306.0 are expected to develop into a sideway pattern. Thus, strong resistance should be seen there to bring near term reversal. Below 1251.3 support will turn bias to the downside for 1199…

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