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Gold Technical: Medium-term uptrend damaged, spooked by rapid rise in 10-year US Treasury yield
Since our last publication, Gold (XAU/USD) has rallied as expected and hit a fresh all-time intraday high of US$2,790 on 30 October. The up move has stopped short of the highlighted US$2,850/886 key medium-term resistance zone. chart After the outcome of the US presidential election on 6 November, market participants continued to focus on the Trump Trade that triggered a significant rally in the US dollar against the major and emerging currencies. The US Dollar Index rose sharply, broke above a major resistance zone of 105.50/106.37, and hit a year-high high on Wednesday, 13 November. All in all, it has recorded a ... (full story)