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Atop $1,900/oz Again

GOLD

The DXY initially ticked higher in Asia-Pac hours before giving back those modest gains to operate towards the bottom end of Friday's range, albeit comfortably above the lows that were witnessed in early trade last week. That, coupled with Friday's pullback from highs in the DXY and slight richening of U.S. Tsys, has allowed spot to consolidate above $1,900/oz, with bulls looking to force a break of $1,910/oz at present. Technical resistance resides at the nearby May 26 high of $1,912.8/oz, followed by the Jan 8 high at $1,917.6/oz, with the market's assumption surrounding the level of transitory inflationary impulse, coupled with the U.S. yield & DXY backdrop front & centre.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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