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Hovering Around $1,800/oz

GOLD

A flat start to the week for bullion, with spot last dealing just above the $1,800/oz mark, little changed on the day. Our weighted U.S. real yield monitor continues to hold a little shy of the levels observed around last week’s FOMC decision (which represented a multi-month high). Meanwhile, Friday saw the broader USD recover to trade a little shy of Wednesday’s peak, which applied pressure to gold. This meant that bulls failed to force a break of the initial technical resistance level at the Nov 26 high ($1,815.6/oz). Initial support is located at the bull channel base drawn off the Aug 9 low. Note that ETF holdings of gold have ticked back towards the recent lows, but still remain elevated by a historical standard.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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