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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.
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