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Under Pressure

GOLD

Higher core global FI yields (our weighted U.S. real yield monitor still sits shy of cycle highs) and a fresh session high for the broader USD (in BBDXY terms) force the yellow metal lower, with spot breaking through initial support at the Jun 15 low. The move briefly showed below $1,920/oz before rebounding to the $1,925/oz area. Bears are in the ascendance from a technical perspective, with the 61.8% retracement of the Feb 28 - May 4 bull cycle ($1,903.5/oz) providing the next meaningful level of support.

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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