Gold threatened fresh highs in the early part of trade as the USD was on the back foot. The precious metal breached $1935, but is now back sub $1930, as USD sentiment has stabilized somewhat. We are still higher for the session, but only modestly at +0.15%.

• The technical backdrop still looks supportive, even if the rate of gains have slowed. Moves back to $1900 should still generate some support, while the rising 20-day EMA sits back at $1873.
• CFTC net non-commercial longs rose further but at a more modest pace compared to the first half of January (+2.7k).
• Gold ETF positions also remain stagnant.