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Looking At Friday’s Lows

GOLD

Gold has tested Friday’s base, which came after the combination of hotter than expected Eurozone inflation, a solid U.S. NFP print and a firmer than expected prices paid component in the latest U.S. ISM m’fing survey allowed U.S. real yields to move higher (based on our weighted U.S. real yield monitor). Softer oil prices have also fed into gold’s weakness in recent sessions, although uncertainty surrounding the Russia-Ukraine conflict continues to provide some counter to bullion’s bearish impulse. Spot last deals ~$6/oz softer on the day, just below $1,920/oz, with the 50-day EMA providing initial support and a bearish outlook in play after the unwind of the recently observed overbought conditions.

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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