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Catching Up With Lower USD Levels

GOLD
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Gold is up modestly versus NY closing levels. The precious metal was last at $1655.70, +0.15% for the session, despite the USD finding some stability (BBDXY +0.10%).

  • Today's resilience in gold may reflect some catch up with overnight USD weakness. On a short term chart basis, gold should be at higher levels based off the dollar correction overnight. Still, the disconnect is not large by historical standards, see the chart below (note the BBDXY is inverted on the chart).
  • Flows may be benefiting higher beta risk assets as well, with regional equities doing better today, led by China/HK.
  • Gold remains comfortably within recent ranges, with recent highs between $1660/1670 still intact. Further downside in US real yields should help keep dips to $1640 supported though.

Fig 1: Gold & BBDXY (Inverted) Trends

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Gold is up modestly versus NY closing levels. The precious metal was last at $1655.70, +0.15% for the session, despite the USD finding some stability (BBDXY +0.10%).

  • Today's resilience in gold may reflect some catch up with overnight USD weakness. On a short term chart basis, gold should be at higher levels based off the dollar correction overnight. Still, the disconnect is not large by historical standards, see the chart below (note the BBDXY is inverted on the chart).
  • Flows may be benefiting higher beta risk assets as well, with regional equities doing better today, led by China/HK.
  • Gold remains comfortably within recent ranges, with recent highs between $1660/1670 still intact. Further downside in US real yields should help keep dips to $1640 supported though.

Fig 1: Gold & BBDXY (Inverted) Trends

Keep reading...Show less