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Comfortably Shy Of Fresh All-Time High Seen In Asia-Pac Hours

GOLD

Plenty of interest in the fresh all-time high for spot gold overnight ($2,135.4/oz), although spot pulled back to trade as low as $2,057.9/oz in early London hours, before recovering to trade little changed around $2,072/oz at typing.

  • The following mix seemed to promote the run higher in early Asia-Pac hours:
  • The usual short squeeze/stops triggered/margin call speculation got plenty of airtime.
  • Lower liquidity at that time of day.
  • Asia-Pac reaction to Friday’s commentary from Fed Chair Powell/the dovish market repricing that stemmed from it.
  • Some geopolitical worry re: the situation in the Middle East.
  • A move away from Friday’s lows in Tsy yields/dovish Fed pricing extremes, coupled with a bounce from early Asia lows in the USD, allowed bullion to move away from best levels (from a fundamental perspective).
  • Technically, the overnight/all-time high flagged above now presents the initial resistance point of note, while support is seen at the Nov 29 high ($2,052.0/oz).
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Energy BulletsCommodities

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