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Back The Other Way, Registering Fresh Session Lows

GOLD

A relatively quick about turn from best levels for gold as the broader USD regains some poise and U.S. Tsys cheapen, allowing spot to print fresh session lows sub-$1,920/oz. Technically, trend conditions remain bearish. Fresh trend lows last week reinforce that theme, while MA studies are also in bear mode. The focus is on the Mar 15 low ($1,885.8/oz). Bulls need to clear key resistance at the May 24 high ($1,985.3), with initial resistance lcoated at the 20-day EMA ($1933.9/oz).

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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