Gold rallied over $US30/Oz overnight which should add a nice tailwind to the local sector today, on balance we believe the $US can recoup some of its recent ~10% pullback which is likely to weigh on precious metals i.e. we wouldn’t be chasing precious metals at current levels in the short term.
- We can see gold consolidating in the $US1800 region but the path of least resistance now feels on the upside.
MM remains long and bullish towards gold into 2023
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