Precious Metals Give Up Gains on Broad USD Strength

Both spot gold and silver are lower at the NY crossover, with Spot gold off around 1% while silver falls further - down over 4% at pixel time.

• USD strength and position squaring is largely responsible, with USD the best performing currency in G10 so far today (gold in both EUR and JPY terms is positive this morning).
• Of note, the World Gold Council commented on gold prices today, stating that high price volatility in the near-term remains likely, with the Council noting that "Anecdotal evidence suggests that buy-and-hold investors are contributing to [the recent rally], but also that some investors have pivoted from futures to gold ETFs".
• As such, the Gold/Silver ratio has moderated a little in the past few sessions after hitting two-year lows of ~79 in recent weeks.
• MNI Tech sees the $2,000 psychological barrier as within reach still, however it is worth closely monitoring the current overbought reading and any signs of a top. Initial support is at $1907.0.