Gold opens at 1256 in Asia, stuck in no-mans as extended long positioning caps rallies and geopolitics tensions support the downside. Overnight, gold sold off to 1247 initially only to be saved as lower U.S. yields saw the dollar weaken.
Key support still lies at the 1240 region with the 200-day moving average above lying at 1258 this morning. Rallies above 1260 could be hard to sustain, as gold lacks momentum from a technical perspective. We still believe that a break of 1240 will could signal a deeper correction.
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Jeffrey Halley
He has previously worked with leading institutions such as Saxo Capital Markets, DynexCorp Currency Portfolio Management, IG, IFX, Fimat Internationale Banque, HSBC and Barclays.
A highly sought-after analyst, Jeffrey has appeared on a wide range of global news channels including Bloomberg, BBC, Reuters, CNBC, MSN, Sky TV and Channel News Asia as well as in leading print publications such as The New York Times and The Wall Street Journal, among others.
He was born in New Zealand and holds an MBA from the Cass Business School.
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