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- Bullish momentum on XAUCNY has been halted by the 200D SMA resistance (12,116) in the past two weeks following the sharp recovery in gold prices since the beginning of March.
- We have seen that the major drivers of gold have been sending mixed signals in recent weeks; while the low US 5Y real yields and the weak USD have been pricing in higher gold prices, the fall in the total amount of negative yielding debt and the deceleration in the annual change in CBs assets are pricing in lower gold prices.
- ST resistance to watch on the topside (above 200D SMA) stands at 12,272, which corresponds to the 38.2% resistance of the 10,944 - 14,421 range; on the downside, first support stands at 11,870, the low of its upward trending channel, followed by 11,765 (23.6% Fibo).