COMMODITIES: Gold Trend Structure Remains Unchanged and Bullish

• MNI: EUROZONE OCT FINAL HICP +2.1% Y/Y
• EUROZONE OCT FINAL CORE HICP +2.4% Y/Y
• EUROZONE OCT FINAL SERVICES HICP +3.4% Y/Y

RXH6 132.50/134.00cs, bought for 12.5 in 2k.

• Alongside the yen, the Swiss Franc underperformed across the G10 on Tuesday, assisting EURCHF further away from the recent false break below 0.9200. Given the significance of the cluster support around this mark, the rejection and subsequent reversal bolster the argument for a stronger recovery.
• Indeed, EURCHF gains are moderately extending today, and a higher close would mark a fourth day of gains. A break above the 50-day EMA, which intersects at 0.9293, would then target downtrend resistance at 0.9334.
• While the USD index was able to momentarily recover past the Aug 01 high, USDCHF remained shy of its corresponding target. This level remains around 2% from current spot levels, at 0.8171.
• Next week’s sport event adjusted GDP will be a final reading, meaning that the domestic calendar remains light until November CPI on Dec 03. The final SNB meeting of the year is on Dec 11.