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Gold's support at $1,485 to 'restrict further declines' - MKS PAMP Group

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With gold down more than 1% on the day, the selling should stop around the  $1,485 support level, MKS PAMP Group says. “We look toward support around USD $1,485 to initially restrict further declines, however broader support extends through to USD $1,475,” MKS writes. Data being eyed by the markets today include Chicago PMI and the Dallas Fed manufacturing activity print. 

By Anna Golubova of Kitco News; agolubova@kitco.com

 

Gold at $1,600 is still in the cards despite short-term pressure - TD Securities

Monday September 30, 2019 09:00

Gold prices are still likely looking at $1,600 an ounce despite short-term pressure from better-than expected global data, according to TD Securities. “Notwithstanding the risks, we still think the Fed is set to cut rates next month, which suggests that $1,600/oz gold could be in the cards,” strategists at TD Securities write. On Monday, gold was hit by “less-than-gloomy round of global data, which follows less-dovish-than-expected messaging from the Fed.” Even if the Fed does not cut rates in October, gold stands to benefit, TD’s strategists add. “We suspect that a disappointment from the Fed could cause an undue tightening in financial conditions, which would arguably have a more pronounced impact on equities, and therefore could see interest in gold counter-intuitively rise thereafter in response.”

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