With the USD/JPY under pressure below 109 and the 10-year note yield becoming comfortable below 2.20%, gold has staged an overnight burst above the $1300 round number level:
Yesterday after the market close with gold trading around $1293 I started a Twitter poll to see if people thought gold would manage a weekly close above $1300 - with the poll still open for just under another hour and gold actually trading above $1300 I'd say the results are mildly surprising:
This is the Rodney Dangerfield of gold rallies, it may not get any respect until the price is quite a bit higher...
$1310 is a big long term 'level' and $1294 now becomes short term support.
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