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Off Of Friday’s Peak, But Hangs Onto Most Of Russia-Related Gains

GOLD

U.S. real yields operate off their late Friday base, with gold a touch shy of its late Friday peak as a result, last dealing ~$5/oz lower on the day, just shy of $1,855/oz. Russia-Ukraine tensions remain front and centre, with a lack of clear escalation evident over the weekend. This has allowed markets to breathe a mini sigh of relief after Friday’s late risk-off price action was driven by worry re: the prospect of a fairly imminent invasion of Ukraine by Russia, which supported gold. Still, bullion holds on to the bulk of Friday’s gains. Technically, Friday’s rally took spot through its Jan 25 high/bull trigger, with the next level of meaningful technical resistance located at the Nov 18 high ($1,871.0/oz).

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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