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$1,900/oz Breached, RSI Eyed


Tuesday's move lower in U.S. real yields and the latest leg of weakness for the USD (as measured by the broad DXY index) coupled to propel spot gold above $1,900/oz for the first time since early January (although the move was not sustained on a closing basis), with further gains lodged during Asia-Pac hours. Spot currently sits just above $1,905/oz, with bulls now eying resistance in the form of the Jan 8 high, which is located at $1,917.6/oz, although the RSI is starting to show worrying signals, topping 75 for the first time August (a swing in the measure back below 70 will trigger a technical sell signal for some).

MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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