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Gold blew through tough resistance at $1,700 per ounce yesterday and came within less than $8 of our $1,750 target price in overnight price action. $1,742.50 is now the new swing high for the front month futures contract.Gold is in “backwardation” as we write this, which means the front-month (June) futures contract is trading at a premium to the back-month contracts.This is extremely rare and potentially very bullish.
Data Source: Reuters/Datastream
Back-month futures contracts typically trade at a premium reflecting both the cost of insurance and storage of