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In last night's Closer and today's Morning Lineup, we discussed areas in commodity markets that have been selling off. One that has avoided those declines has been gold. As shown below, gold's outperformance isn't exactly new. Gold relative to a broad basket of commodities massively outperformed early on in the pandemic, but that outperformance reversed up through the spring of 2022. The past year and a half has seen that outperformance generally return, especially over the past couple of months.

Amidst that outperformance, the yellow metal has been rallying since its early October low having gained 11.5% since then. That brings the commodity back within 0.65% of its 52-week set in May and 0.77% below the all-time high from August 2020 (what had been the first all-time high in nearly a decade).However, since the 2020 high those levels have repeatedly acted as tough resistance.

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