Edges Down From Multi Week Highs

As has been the case this week, gold is giving back some gains from the overnight session during Asian trading hours, but only modestly. The precious metal last sits close to $1708.5, down from overnight highs around $1717, and -0.20% below NY closing levels.

• To recap, gold surged 2.2% for yesterday's session, continuing to benefit from lower USD levels. Gold may have also benefited from safe haven flows related to weakness in the crypto space, although gold was already pushing higher before these trends emerged.
• US yields also moved lower, the real 10yr yield back to 1.64% overnight (-5bps). This was also reflected in the nominal space, although the 2yr and 10yr have been relatively steady today.
• The market may still be eyeing a test of the 100-day EMA ($1716.95), which cap gains overnight. On the downside the 50-day comes in at $1681.43.