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Moving Higher

GOLD

The move lower in the broader USD and U.S. Tsy yields flagged elsewhere drives gold higher, with spot through yesterday’s high, trading to session bests of $2,055.2/oz. The next support cluster to watch comes in the form of the Jan 12/Dec 28 highs ($2,062.3/2,088.5/oz). A break above there would give more credence to the bullish case.

  • ETFs have seemingly not participated in the recent rally, with the BBG metric covering known ETF holdings of gold hitting a fresh cycle low. That points to fast money/official accounts as the demand drivers.
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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