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Gold is back around $1,828/oz. after falling to a fresh multi-month low on Monday at around $1,787/oz. but the move higher looks set to struggle. The precious metal was boosted yesterday by much worse-than-expected NY Empire State Manufacturing data (-11.6 vs. f/c 17) and marginally lower US Treasury yields. The US dollar faded lower at the start of the week as well, but these moves lacked conviction and any real follow through and suggest a pause rather than a trend reversal. Later today (19:00 UK), Fed chair Jerome Powell is speaking and his comments, as always, must be followed.
