After falling sharply after the release of last Friday’s strong-than-expected NFP release, gold has struggled to make any decent headway as the US dollar sentiment changes from negative to neutral. Friday’s fall took the precious metal out of its previous upwards channel and any further strength in the USD may see the 100-day ema, currently at $1248.7/oz, as a possible target. With Friday’s consumer price index expected to tick-up to 1.8% from last month’s 1.6%, any upside beat will push bond yields higher and make gold as an asset class less attractive.
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