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Fresh Lows Back To Early January Amid Continued USD Rebound

GOLD

Gold continues to trend lower. The precious metal is back to early Jan lows, last around $1826.25. This is off a further 0.55% so far today, while for the week we are tracking 2.1% lower. To date in February we have lost around 5.25%. Gold hasn't enjoyed the USD/yield resurgence.

  • From a technical standpoint, the 100-day EMA sits near $1818, while further below is the 200-day close to $1802.
  • The inverse correlation with the USD index remains, although visually gold losses are still tracking ahead of USD gains at this stage.
  • Gold ETF holdings continue to drift lower.

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