Gold down $9
Gold broke via final week’s low of $1321 because it sinks to a session low and the worst since February 15.
The US greenback is getting a broad elevate from rising Treasury yields and month-end flows. Gold is not responding to turmoil in India-Pakistan and is on the tail finish of an extended seasonal run up.
Technically, the break under the Feb 21 low clears the way in which for a fall again to $1302, particularly if we see an in depth down at these ranges. The danger is that the India-Pakistan battle flares up additional or a heavier spherical of danger aversion hits and pushes US yields decrease.
I hate to bail on an ideal commerce round month finish however the plan was to be lengthy gold on the seasonal upswing and it has been a beautiful three-month run. I bought 80% of my gold lengthy final week and this break takes me out of the remainder. See you subsequent yr for the Dec-Feb rally.