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Yellow Metal On The Defensive On U.S. Housing Data

GOLD

Firmer than exp. U.S. housing market data, coupled with the related move in the broader USD & U.S. Tsys, allows spot gold to shed ~$15/oz in fairly short order, with a fresh session low registered during the process. Spot shows below $1,940 at typing, with the technical parameters that we fleshed out earlier remaining intact. Note that our weighted U.S. real yield monitor operates ~5bp below cycle highs in closing level terms.

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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