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Spot Narrows in on European Morning Highs

GOLD
  • Gold narrowing in on the European morning highs at 1817.03, having moved back to unchanged on the day at the NY crossover.
  • Volumes picked up at the NY crossover, but activity shows broader buying in smaller clips from 1338GMT/0838ET rather than fewer, larger trades behind the NY hours gold recovery.
  • Despite the pickup in trade activity, cumulative volumes across Gold futures are below average for this time of day by around 8%.
  • Spot prices remain pinned between the 2.0% 10-dma envelope at 1795.5 and the 50-day EMA above 1847.6.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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