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Gold Through to Multi-Month Lows on Stellar US PMI

COMMODITIES

Gold traded very heavy in early NY hours as the USD picked up markedly on the better than expected November PMI release. Equities started well out of the gate, prompting gold to break below the Sep low supports and hit the lowest levels since July 22nd.
MNI Tech points to support at the 38.2% retracement of the Mar - Aug rally at 1,837.10. A break through here opens July 8th highs of 1,818.00.

Energy products traded well, with WTI and Brent crude futures adding 1-2% on AstraZeneca's vaccine news and generally firmer risk appetite (evident in higher US equities). Focus turns to any supply implications from a Houthi attack on an Aramco installation in Jeddah and the sustainability of Monday's oil bounce.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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