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Gold Under Pressure, Nearing Key Supports

PRECIOUS METALS
  • Spot gold pullback now within range of the key support crossing at $1942.7. A break below here opens the lowest levels in close to a month as well as the 50% retracement of the upleg off the June low at $1940.3.
  • Prices have traded heavy from the outset Tuesday, with USD strength hitting precious metals and USD-denominated commodities more broadly.
  • Gold volumes already sit ahead of average for this time of day, with cumulative activity over 50% ahead of what you'd expect to see at 0930ET thanks to a surge in participation at the NY crossover.
  • ISM Manufacturing takes focus ahead, with the implications for the greenback and the USD's uptrend off the July lows. USD Index has showed above the 100-dma for the first time since late June.
Energy BulletsCommodities
Energy BulletsCommodities

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