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Key Support Level Holds Despite Higher US Real Yields

GOLD

Gold is +0.60% above NY closing levels, last just under $1640. This follows a weaker USD tone against the majors, with better China/HK equity sentiment seeing lower USD demand from a broader risk appetite standpoint.

  • This comes after the overnight test sub $1620, where support held once again. This is the third time since late September this support zone has held.
  • This came despite a surge in UST real yields overnight. We got to 1.74% for the 10yr.
  • We are close to yesterday's highs, just above $1640, but beyond that is the $1660/$1670 region, which we haven't been able to trade above in a meaningful way since the first half of October.

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