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Back Towards The 200 Day MA

GOLD

Golds recent volatility continues, with the precious metal back towards its 200 day MA ($1844). This around 0.70% weaker from NY closing levels.

  • The firmer USD trend, with the DXY rebounding 0.65% today to 104.30, is the main driver of gold weakness.
  • Whilst much of this is concentrated in terms of the USD/JPY bounce (+1.5% to +134.15), all major currencies are weaker against the USD so far today.
  • US yields are also higher following sharp drops in the previous two sessions. The 2yr is back up to 3.15%, around 5bps firmer on the day.
  • Gold got close to $1858 late in the NY session. USD weakness, plus sharp falls in US equities were the main drivers.
  • US equity futures are higher today, while regional Asia Pacific equity market sentiment remains downbeat for the most part.
  • At this stage, gold is tracking 1.5% down for the week, although we are comfortably above the weekly lows of sub $1810.
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Golds recent volatility continues, with the precious metal back towards its 200 day MA ($1844). This around 0.70% weaker from NY closing levels.

  • The firmer USD trend, with the DXY rebounding 0.65% today to 104.30, is the main driver of gold weakness.
  • Whilst much of this is concentrated in terms of the USD/JPY bounce (+1.5% to +134.15), all major currencies are weaker against the USD so far today.
  • US yields are also higher following sharp drops in the previous two sessions. The 2yr is back up to 3.15%, around 5bps firmer on the day.
  • Gold got close to $1858 late in the NY session. USD weakness, plus sharp falls in US equities were the main drivers.
  • US equity futures are higher today, while regional Asia Pacific equity market sentiment remains downbeat for the most part.
  • At this stage, gold is tracking 1.5% down for the week, although we are comfortably above the weekly lows of sub $1810.