Gold risk reversals adopt a bearish bias

• Gold (XAU/USD) one-month risk reversals turn negative.
• One-week risk reversals show put bias strengthened.

The XAU puts now claim a premium over XAU calls, as noted via risk reversals, suggesting the yellow metal may find it difficult in the near-term to revisit its recent high of $1365.40.

XAU/USD one-month 25 delta risk reversals are paid at 0.17 XAU puts today from a 0.20 XAU call bias five days ago. Meanwhile, the one-week 25 delta risk reversals are 1.30 XAU puts from 0.875 XAU puts last week.