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Struggling To Stay Above $1840

GOLD

Gold is struggling to stay above $1840, as cross asset signals weigh.

  • To recap, Gold broke back below $1850 post yesterday's Asia close. We found support just above $1840, but we have been below this level today.
  • Broadly stronger USD sentiment, driven by higher yields, is weighing on gold sentiment.
  • Notably, real US yields have bounced nicely over the past 10 days or so. We are now back to +28bps up from the recent low +11bps.
  • The precious metal hasn't received much support from weaker US equity futures today.
  • Note if we see further downside the market may look at early June lows, just under $1830.
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