Gold traded as high as $1916
Gold has continued lower in a reversal after touching the highest since early January.
This is part of a broader negative shift in tone as we sift through the flows at the start of the month. Gold had rose as high as $1916 but is now down to $1896.
Technically, this marks an outside day on the chart but I'm a bit skeptical of that, given that the UK and US were on holiday yesterday.
Is this the end of the run? I'm watching yields closely. 10-years are up 3.4 bps to 1.63% today but off the highs.
Here is a report on what's next for gold prices. Note that ETF holdings are well below the last time gold was at $1900.
