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The Road To Georgia

GOLD

The pull lower in U.S. real yields as 10-Year breakevens topped 2.00% for the first time since 2018 allowed bullion to firm in early dealing this week, as did a cautious start to broader trade in '21, with COVID-19 matters remaining front & centre. Spot last deals around the $1,940/oz mark, little changed vs. Monday's closing levels.

  • Tuesday's Senate run-offs in the state of Georgia will likely provide the key short-term input for bullion, with the outcome key to the U.S. fiscal trajectory.
  • From a technical perspective, key resistance is located at the Nov 9 high of $1,965.6/oz, while initial support comes in at the Dec 31 high of $1,900.9/oz.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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