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20-Day EMA Pierced

GOLD

The downtick in the BBDXY and move away from recent highs in core global FI yields allows bullion to push through initial resistance in the form of the 20-day EMA.

  • Session highs of $2,025.2/oz have been lodged, with any meaningful extension higher set to expose the Feb 1 high ($2,065.5/oz).
  • Discussions continue to focus on perceptions/expectations surrounding impending central bank easing cycles and sizeable purchases on the part of official accounts.
  • ETF holdings of gold continue to pull back, with their known holdings hitting fresh post-COVID lows in recent days.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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