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Threatening Downside Break Of $1950, Amid Broad USD Gains

GOLD

Gold has spent the first part of the Monday session mostly on the back foot. The precious found some support under $1950, but hasn't been able to rebound far, last near $1951.50. This leaves us still around 0.9% lower from closing levels at the end of last week (above $1969). Gold weakness has predominantly been driven by the firmer dollar backdrop. The DXY is up 0.50%, last above 103.00.

  • The spill over from the oil price surge (following the weekend OPEC+ supply cut) is evident in terms of higher US yields, which has aided the USD and weighed on equity futures.
  • Still, there hasn't been any safe haven demand for gold at this stage.
  • On the downside, March 27 lows came in close to $1943, below that is 22nd lows near $1934.
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