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Dips Following Break Above $1800

GOLD

Gold has slipped back below the $1800 level, last tracking around $1796. This is -0.40% below NY closing levels. Dollar indices are broadly unchanged so far today, so the precious metal is underperforming slightly. Still, cumulative gains over the past 3 sessions were in excess of 3.5%, so some profit taking flows may be in play.

  • Today's slightly firmer UST yield backdrop (2yr +3.5bps to 4.26%), is likely encouraging some profit taking flows as well.
  • From a technical standpoint, we currently sit near the simple 200-day MA for gold, which comes in at $1796.26. A close above this level at the end of this week is likely to maintain a bullish outlook for the metal.
  • A move towards June highs around $1880 is a possible medium term target, while on the downside, mid November highs close to $1786.50 may act as a support point.
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