Gold staged a solid rebound in US trade, with traders pointing to USD weakness

Chris Weston

Pepperstone

Gold staged a solid rebound in US trade, with traders pointing to USD weakness. The 30-day correlation is still fairly low at 44%, someway below the 73% correlation we saw back in late October, however as we saw USD weakness overnight gold started moving higher. The downtrend drawn from the October 29 high has now been broken, while we've also seen a higher high, with the metal breaking above the recent consolidation. The fact US bond yields fell also supported price action.


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Chris Weston
Chris Weston
Head of Research
Pepperstone

Highly accomplished financial markets professional, with experience at a number of top-tier global institutions on both the buy and sell-side. A natural communicator with a strong ability to analyse macro-economic trends, capital flows and market...

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