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No Extension On Recent Move Lower

GOLD

Gold has continued to respect the recently established range over the last 24 hours or so, despite the previously outlined formation of a bearish technical pattern. The lack of follow through leaves the well-defined technical picture intact. On the fundamental side it would seem that the downtick in our weighted U.S. real yield measure (which finished off of session lows on Wednesday owing to the month-end related uptick in nominal yields late in the NY session) has seemingly countered the latest uptick in the broader DXY, lending support to bullion.

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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