Bullion Steady Post Waller Speech, Trades Within Weekly Ranges

Gold continues to trade around $2025/oz, just above where it closed on Thursday and around the mid-point of its range this year, the USD is little changed after seeing some movement while Fed’s Gov Waller spoke earlier.

• Gold is currently headed for a modest weekly gain, off the weekly highs of 2035 after comments throughout the week and earlier today from Fed Gov Waller where they reiterated that there is no rush to cut rates, but that if data changes a May wouldn't be off the table.
• Gold is moving well below resistance at $2065.50, February 1 high, and it needs to clear this level in order for the bullish theme to be reinstated, while currently trading just below the 50-day SMA of $2032.55
• Looking at technicals, we trade slightly below initial resistance of $2034.9/2065.5 - High Feb 22 / Feb 1, while to the downside initial support is at $1984.3 - Low Feb 14
• Thursday marked the biggest one-day outflow since Oct'23 for SPDR Gold Shares ETF
• There is little in the way of data or fed speeches today.