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Consolidates After Rebounding To Weekly High

GOLD

Gold is down from overnight highs, last tracking close to $1654. This is around 0.35% down from NY closing levels. This comes after yesterday’s near 2% gain.

  • There appears to be some support for the precious metal ahead of $1650. Note there were a number of highs just below this point at the start of the week as well. Below that we could also see buying interest emerge in the low $1640 region.
  • On the topside, overnight highs came in just under $1663. Beyond that is numerous highs closer to $1680 from earlier in September.
  • Gold continues to follow broader USD gyrations for the most part. The move lower today has coincided with the DYX back above 113, while a slight recover in UST yields has also likely weighed at the margin.
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