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Consolidates Just Shy Of $1700

GOLD

Gold has consolidated post yesterday's 2.37% gain. We last sat around $1697, down from earlier highs above $1700, and -0.20% below NY closing levels. This is line with a modestly stronger USD through the course of today's session.

  • Yesterday's daily gain in the precious metal was the strongest since March. We also haven't been above the $1700 level since the first half of September.
  • On the topside, the 50-day comes in at $1724, which we have spent very little time above since April of this year.
  • On the downside, recent highs around the $1685/88 region could offer some support.
  • Gold continues to follow broader USD sentiment for the most part. The overnight pull back in US real yields (10yr to 1.43% from 1.68% on Friday) aided sentiment.
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