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Gold Edges to New Lows as Yields, USD Weigh

CROSS ASSET
  • The creep higher in US yields and the greenback is working against spot gold here, with the price breaking down to new session lows of $1784.00 at pixel time.
  • Volumes across gold futures have ticked higher, but nothing too impressive given the thin volumes ahead of the holiday interruptions. Around $980mln in Feb23 gold futures has crossed over the past 20 mins or so - but running volumes are still considerably below average for this time of day (around 40% below average in recent trade).
  • Next notable support cuts in at $1774.3/65.9 - the 20-day EMA / Low Dec 5 as well as $1729.0 - Low Nov 23 and key short-term support.
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