Free Trial

Down Amidst Firmer USD Backdrop, But Still Up For The Week

GOLD

Gold sits lower in the first part of Friday trade. The precious metal was last near $2175, around 0.30% weaker for the session so far. This follows Thursday's drop by a similar amount. We did break above $2200 for the first time (highs near $2221) post the FOMC, but these gains weren't sustained.

  • Gold has likely faltered amid a stronger USD backdrop, with the BBDXY index back above pre FOMC levels, last close to 1244.0. The risk averse tone evident particularly in equities has likely helped contain the fallout for gold so far in Friday trade. Gold is still up for the week at this stage, last nearly 1% firmer.
  • Levels wise, the trend backdrop remains supportive, all key EMAs are trending higher. The 20-day, the nearest to spot, is back at $2136.6. Topside focus will remain on a fresh push back above $2200.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.