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Drifting Down From Thursday Session Highs

GOLD

Gold is tracking a touch below NY closing levels, last near $1956.30/50 (range of $1955.23-$1962.07 so far today). Current levels area below closing levels from the end of last week, but only just. At this stage, gold is largely holding onto gains from the Thursday session, which owed mostly to weaker USD indices.

  • The simple 100-day MA around $1942, has been an important support point in recent weeks. We did break sharply sub this support level earlier in the week, but it wasn't sustained. On the topside, the 50-day MA sits near $1985.
  • The downtrend in gold ETF holdings persists from late May highs.

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