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Edges Down From Last Week's Multi-Month Highs

GOLD

Gold is down slightly from closing levels at the end of last week. We were last around $1763.50, -0.45% for the session. This is line with a slightly firmer USD picture against the majors. $1771.24 was last week's closing level.

  • US yields have re-opened to a firmer tone, aided by hawkish Fed speak at the start of today's session. This has weighed on gold via the firmer USD backdrop.
  • The precious metal has been supported on dips back towards $1760 today, but like elsewhere may be seeing some modest consolidation post last week's +5.31% rally.
  • On the topside the simple 200-day MA sits at $1804.13, while pre-US CPI print levels from last Thursday come in just under $1710, which presumably should act as a support point.
  • Gold ETF holdings have also started to stabilize, after being in a sharp downtrend since mid-June.

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