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Pulls Back Amid Firmer USD/Yields


Gold has moved off recent highs, the precious metal last near $1966.00, versus opening levels around $1973.50. We are off around 0.40% so far in the session, which is in line with the firmer USD trend against the majors.

  • In terms of levels, Tuesday highs were around the $1975 region, while gains above $2000 haven't been sustained in recent weeks. On the downside, recent lows come in between $1940/$1950 from Monday/Tuesday of this week. The 20-day EMA is further back at $1928.50.
  • Outside of USD drivers/firmer US yields, gold ETF holdings continue to track higher. Now back to early Feb levels. This comes despite lower risk aversion in other asset classes, particularly the equity space.

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