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Consolidates After Posting Fresh YTD Highs On Friday

GOLD
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After surging to fresh YTD highs on Friday, gold has consolidated in the first part of trade this week. After closing last week at $1989.25, we sit comfortably lower now, last around $1974. This is around 0.75% off Friday highs, but note that gold rose last week just under 6.5%. We have seen some consolidation in terms of broader USD trends, but today's moves may represent a consolidation post strong gains last week in terms of the precious metal.

  • Dips today have been supported sub the $1970 level. Below that is early Feb highs just under $1960, which could be a support point on the downside. On the topside is highs from Friday and then round figure resistance at $2000.
  • Gold ETF holdings fell on the final day of trading last week, but the broader macro backdrop looks supportive of holdings given risk aversion remains elevated today.
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After surging to fresh YTD highs on Friday, gold has consolidated in the first part of trade this week. After closing last week at $1989.25, we sit comfortably lower now, last around $1974. This is around 0.75% off Friday highs, but note that gold rose last week just under 6.5%. We have seen some consolidation in terms of broader USD trends, but today's moves may represent a consolidation post strong gains last week in terms of the precious metal.

  • Dips today have been supported sub the $1970 level. Below that is early Feb highs just under $1960, which could be a support point on the downside. On the topside is highs from Friday and then round figure resistance at $2000.
  • Gold ETF holdings fell on the final day of trading last week, but the broader macro backdrop looks supportive of holdings given risk aversion remains elevated today.