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Spot Gold Sees Further Support, Dragging Gold/Silver Ratio Off Highs

GOLD
  • Gold rallying as well as the greenback 5 minutes out from the data, underscoring the risk-off nature of today's move. This week's gold outperformance has also driven the Gold/Silver ratio off the multi-month highs printed late last week and within range of the 85.25 200-dma.
  • The cycle high in early February at 1959.73 is now within range for gold, with waning rate hike expectations a key driver for precious metals here - and March Fed expectations revisiting Monday's low of ~10.5bps could add further support.
  • Clearance of the February high would mark the highest gold price since April.

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