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Nearing $2,000/oz Post-NFP

GOLD

The post-NFP release (resulting in a USD uptick, some moderation in market pricing re: Fed easing and higher Tsy yields) sees gold through initial technical supporting the form of the 20-day EMA.

  • Lows of $2,002.7/oz have been registered in recent trade. A break of $2,000/oz would potentially open the way to the 50-day EMA ($1,975/oz.)
  • Spot now sits ~$130/oz shy of the all-time high that was registered in volatile and illiquid Asia-Pac trading at the start of this week.
  • A quick reminder that known ETF holdings of gold have ticked lower in early December, but stabilised a little above the October cycle low.
  • Looking ahead, the inflation expectations component of the impending U.S. UoM survey will be eyed.
  • Further out, U.S. CPI and (Tuesday) and the latest FOMC monetary policy decision (Wednesday) present immediate macro focal points.
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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