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Nears Key Support After Uptick In UoM inflation Expectations

GOLD

The unexpected uptick in the inflation expectation components of the U.S. UoM sentiment survey weigh on gold as U.S. Tsy yields and the USD tick higher. Spot bullion shows as low as $1,939.9/oz. A quick reminder that Initial firm pivot support lies at $1,938.1/oz, the 50-day EMA. Clearance of this level is required to signal a short-term top and the potential for a deeper retracement.

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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