Gold extended its run-up above another fresh intra-day high of 4040, OCBC's FX analysts Frances Cheung and Christopher Wong note.
Underlying momentum remains bullish
"US government shutdown persisted, raising concerns on broader economic activity. Underlying momentum remains bullish while RSI is in overbought conditions. Resistance at 4120 (161.8% ext). Support at 3890, 3775 (21 DMA). Recent rally underscores Gold’s unique role as both a hedge against geopolitical stress and a store of value in times of policy and institutional uncertainty."
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