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Precious Metals Under Pressure Ahead of NY Trading

GOLD

Gold trading under minor pressure ahead of Wednesday NY hours, with prices extending on the push below $1800/oz earlier this morning. Today's downtick now faces support at $1784.9, the Dec21 low as well as the channel base drawn from the Aug 9 low which today crosses at $1775.

  • Softer gold prices come in response to persistent strength in equities across the holiday period, with the e-mini S&P in a holding pattern just below 4,800, having printed an alltime high yesterday.
  • The recovery off the recent lows for the US 10y yield also influencing, with 10yy around 15bps off the mid-Dec lows and nearing the late November levels of 1.535% (50-dma also sits at 1.524%).
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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