Gold bounced +0.8% overnight but closed well off its highs as sellers into strength reemerged in precious metals. Similarly gold miners in the US opened strongly before surrendering most of their gains to finish marginally higher. A few months oscillating around the $US5,000 area is our preferred scenario for gold, with a strong possibility of a spike down towards the $US4,200-$US4,400 area.
- We wouldn’t be surprised to see another down move by precious metals to test their 2026 lows.
MM is neutral towards gold around $US5,125
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