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Minor Pullback in Gold, But Conviction Remains Lacking

CROSS ASSET
  • Very minor reversal off the European high for spot gold, which backtracks around $5 off the European morning high printed at 1932.4.
  • Move mimicks the edge off highs for the US 10y yield, but price action and volumes are uneventful so far this NY crossover.
  • E-mini S&P volumes sit around 15% below average for this time of day, with markets looking to the personal income/spending and PCE releases for direction.

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