The early trend for gold was very benign. We spent the early part of the day oscillating around the $1850 level.
This early tone was weighed down by firmer risk appetite as stronger equities for Asia Pac, and a further recovery in US equity futures, dampened flows into the safe haven asset.
However, this turned around on the back of USD weakness. To be fair, the DXY is only down modestly (-0.10%) from closing levels at the end of last week. The tone in USD/Asia pairs has been much weaker though, led by the China currency (USD/CNH down -0.90% at the time of writing to 6.6600).
Like last week, the bulls will be eyeing a test of $1865/$1870, while support should emerge between the $1845/$1850 level in the near term.

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Jonathan Cavenagh

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Bounces On USD Weakness