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Consolidates After Earlier Break Higher

GOLD

After spiking to fresh highs above $2018, gold has largely consolidated as the Monday Asia Pac session has progressed. We were last near $2011.5, up over 0.50% on closing levels from Friday (near $2001).

  • The earlier break puts gold back to fresh highs last seen in May. Highs back in early May were near $2063, although be mindful of round figure resistance at $2050. On the downside, note the 20-EMA sits back near $1977.40.
  • The catalyst for today's move may have been partly technical, particularly as we broke above recent highs near $2010, which held in late October.
  • Broader USD sentiment has clearly softened, although if anything, gold's move today appeared to weigh on the USD rather than the other way around.
  • Elsewhere, equity sentiment has been softer, offsetting the tick higher in US yields.
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