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Gold continues ascent, approaches near-term resistance

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NEW YORK (Scrap Register): Precious metals surged upward in Asia-Pacific trading, building on gains from Wednesday following a dovishly construed U.S. Federal Open Market Committee, said MKS (Switzerland) S.A.

Gold remains stronger as the New York trading day gets under way, with spot metal up $3.70 to $1,316.10 an ounce in an early morning trade. Gold has been as high as $1,319.80.

“While the dollar saw some respite from the late New York declines, precious metals continued to firm as participants considered the implications of the Fed’s growth projections,” MKS added.

Gold saw the $1,310 pivot level remain intact, while seeing a generally orderly ascent throughout the session toward $1,320.  Chinese demand remains firm, MKS noted.

“Broadly speaking, $1,320-$1,325 will see resistance, and consolidation above this level should pave the way for a move back toward the February $1,346 print,” MKS concluded.

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