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Can't Break Above $2400, But Technical Uptrend Intact

GOLD

Gold stopped short of a test above the $2400 level. Earlier highs in bullion were at $2397.35. We last tracked at $2388, marginally above end NY levels from the Wednesday session.

  • The earlier move up in gold coincided with a further round of USD weakness, led by the yen. However, as broader USD sentiment stabilized we have moved off session best levels for bullion.
  • Still, the broader technical backdrop looks supportive for gold, underpinned by a weaker USD/lower yield backdrop as Fed cuts get priced back in the wake of recent data (softer retail sales/broadly in line CPI).
  • This backdrop could refocus attention on $2,431.50, the Apr 12 high. On the downside, the 50-day EMA, at $2,273.83, represents a key support.
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