April 30, 2024 12:22 GMT
Pressured
GOLD
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The slightly firmer USD and uptick in European yields seems to weigh on gold, with some caution ahead of the U.S. data and tomorrow’s FOMC decision also noted.
- Spot bullion trims what is set to be a third consecutive month of gains.
- Gold last trades $26/oz lower at $1,210/oz.
- The 20-day EMA has given way, exposing the April 23 low ($2,291.6/oz),
- A break there would signal scope for an extension towards the 50-day EMA ($2,237.6/oz).
- Our technical analyst notes that a short-term bear cycle would allow a significant overbought condition to unwind.
- ETF holdings continue to pull lower, with related participants continuing to trim exposure during the rally from the early October lows.
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