Gold is consolidating last Friday’s sharp rally and may look to retest a short-term zone of resistance in the coming sessions
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The recent violence in the Middle East has seen gold grab a strong haven bid, pushing the precious metal sharply higher. This comes despite US Treasury yields pushing higher and nearing their multi-year highs. US 2s are offered with a yield of 5.11%, while the benchmark US 10-year is trading with a yield to maturity of 4.75%. The market it seems is currently pricing in political risk above interest rate expectations.
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