Friday’s price action in the S&P 500 was less than encouraging, as the market was capped by its Sep peaks and struggled into the close. The stronger mover was in US yields which snapped higher in range, back towards the 200-day average (1.81%). The move in yields is hampering the uptrend in gold, which is posting some bearish divergence warnings against its peaks from late last year. Elsewhere, AUD/USD closed beneath its weekly cloud for the first time since June, warning of a return below parity.
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Barclays Capital