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Grinds Higher

GOLD

After some wild price swings on Monday the yellow metal has held a much narrower range on Tuesday, grinding higher from the open but staying within yesterday's range. Gold is last up $6.73/oz at $1,763.67. Risk sentiment in the region has been mixed, most equity markets managed small gains while the greenback rose slightly. The pull lower yesterday found some support at the 61.8% retracement of the 2020 range, but the recovery off the low will have emboldened bulls. To reinforce any upside argument, bulls need to regain $1834.1, Jul 15 high, ahead of $1853.3, a Fibonacci retracement. Front-end implied vols for Gold understandably lurched higher, with the 1m contract holding most of the gain.

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