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Extends Pullback From YTD Highs

  • New session lows printed for gold at $1965.2 in recent trade, with the rally in equities/Treasury yields holding nicely headed into the NY crossover. Move triggered by Putin's "positivity" comments from around an hour ago, but reinforced by Zelensky's "turning point" headlines around 15 mins ago.
  • The pullback in gold prices is allowing the previously overbought condition to unwind, with next support just below at $1961.2, Mar 7 low, while a firmer area of support lies at $1932.9, the 20-day EMA.
  • Focus turns to Canada's jobs report as well as prelim UMich and the accompanying inflation expectations survey.
MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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