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Yields Weigh on Spot Gold, Testing Key Support

GOLD
  • Spot gold extending losses in recent trade as the climb in US yields weighs on precious metals more broadly. Spot price is now testing the lowest levels since last week and an important support at the 100-dma (crossing at 1941.6.
  • This level has contained a further pullback in prices on 4 occasions since mid-May, and a break below could mark a momentum shift lower for gold.
  • 1932.2 seen as soft support (late May low) to expose multi-month lows and 1903.5 - the 61.8% retracement for the 2023 upleg.

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