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Lower On Move Higher In USD & Tsy Yields, Tech Support Untouched & Some Way Below


The combination of the broader USD bid & post-long weekend adjustment higher in U.S. Tsy yields (both covered in detail elsewhere) pressures bullion, leaving spot -$16.5/oz at $2,040/oz, a little above pre-NY lows ($2,038.8/oz).

  • Technically, gold continues to trade above last week’s low ($2,013.4/oz), which is protected by key support in the form of the 50-day EMA ($2,016.8/oz). A breach of both would expose a key level at the Dec 13 low ($1973.2/oz). For bulls, clearance of the Dec 28 high ($2,088.5/oz) would reinstate the bull cycle that started Dec 13.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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