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GOLD: Sell Off, 50-Day EMA Pierced

GOLD
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Gold weakness extends as some geopolitical risk premium surrounding the Israel-Lebanon conflict is removed (see recent bullets from our political risk team for greater colour).

  • Gold had already slipped on the back Trump nominating Bessent for Tsy Secretary, with his policy preferences deemed less inflationary than some of the alternatives.
  • Spot as low as $2,633.8/oz, through initial support at the 50-day EMA ($2,639.7/oz), before a move back to $2,640/oz.
  • A clearer break would increase the bearish threat (prevailing technicals still bullish at this stage) and target next support at the November 19 low ($2,610.5/oz).
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Gold weakness extends as some geopolitical risk premium surrounding the Israel-Lebanon conflict is removed (see recent bullets from our political risk team for greater colour).

  • Gold had already slipped on the back Trump nominating Bessent for Tsy Secretary, with his policy preferences deemed less inflationary than some of the alternatives.
  • Spot as low as $2,633.8/oz, through initial support at the 50-day EMA ($2,639.7/oz), before a move back to $2,640/oz.
  • A clearer break would increase the bearish threat (prevailing technicals still bullish at this stage) and target next support at the November 19 low ($2,610.5/oz).