Gold Surges Above “Key Pivot”, Hits 3-Year High Against Yuan1 min read


Gold futures prices are up $45 in the last two trading days, bursting through the $1300 Maginot Line, and surging to the highest since March (in USDollars).

Silver is also on a good run…

But Gold’s outperformance continues, with Gold/Silver ratio near 90.0x – the highest since 1993…

Goldman earlier highlighted $1307 as a key pivot in gold. Their bias was for that level of resistance to hold but instead it broke and gold is up significantly the second consecutive day of large gains.

“Getting through 1,307 would allow for a minimum next level target at 1,330. The broader implications of that break would however support the view that Gold might finally be continuing a trend that stalled in January,” they wrote.

However, in Yuan, gold is near 3-year highs, as the quasi-peg has officially broken…

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