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New Lows in Precious Metals as US Traders Respond to Equity Rally, Oil Drop

GOLD
  • Gold edging through the Friday lows in recent trade, putting prices to new daily lows of $1954.9 as the NY crossover sees equities hold gains and oil extend the session's losses.
  • From a tech perspective, pullbacks are considered corrective and are allowing an overbought condition to unwind. The next support is seen at$1938.2, the 20-day EMA.
  • Market focus turns to the next round of Ukraine-Russia negotiations (due at some point this afternoon), at which reps are seen discussing both humanitarian corridors as well as the conditions required on both sides for a sustainable ceasefire.

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