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Bullish Run Continues

GOLD

The bullish run for gold continues. The precious metal has added a further 0.64% so far today, which comes after last week's 2.28% gain. We were last close to $1878, fresh highs going back to mid last year. The $1900 level, last seen in May of 2022 seems like the next logical upside target. The 20-day EMA is back at $1818.9 in terms of downside support levels.

  • Gold continues to benefit from USD weakness, while the related sharp pull back in US yields through Friday's NY session, was also a clear positive.
  • The metal has outperformed US real yields by a decent margin in recent months, but underlying demand still appears firm. China's FX reserves for December showed a further accumulation of gold (30 tons in Dec, versus 32 in November). Q3 saw record gold purchases from central banks according to the World Gold Council.
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