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Up Off Cyclical Lows

GOLD

After touching fresh lows late in NY trading, just under $1622, gold is back to $1632, which is around +0.60% for the session so far. We are struggling to make much headway beyond this level, but the precious metal is enjoying the reprieve for now.

  • Correlations with USD FX trends still appear strongest for gold. The DXY is back sub 113.70 today, around -0.40% from NY closing levels.
  • Helping sentiment has been slightly lower UST yields. The 2yr is off 3bps to 4.30%, while the 10yr is down 5bps to 3.87% today.
  • Note though the US real 10yr yield rose to 1.56% overnight, another fresh high. So, we may need to see relief on this front before the market takes gold meaningfully higher. Lows from yesterday around $1634/$1636 may offer some topside resistance.
  • US equity futures are tracking higher as well, although this has done little to dent gold's rebound today.
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After touching fresh lows late in NY trading, just under $1622, gold is back to $1632, which is around +0.60% for the session so far. We are struggling to make much headway beyond this level, but the precious metal is enjoying the reprieve for now.

  • Correlations with USD FX trends still appear strongest for gold. The DXY is back sub 113.70 today, around -0.40% from NY closing levels.
  • Helping sentiment has been slightly lower UST yields. The 2yr is off 3bps to 4.30%, while the 10yr is down 5bps to 3.87% today.
  • Note though the US real 10yr yield rose to 1.56% overnight, another fresh high. So, we may need to see relief on this front before the market takes gold meaningfully higher. Lows from yesterday around $1634/$1636 may offer some topside resistance.
  • US equity futures are tracking higher as well, although this has done little to dent gold's rebound today.