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Edges Lower, But Tracking +4% Higher For The Week

GOLD

Gold is slightly down from overnight highs, last tracking close to $1750, -0.30% for the session so far. This follows the 2.85% gain for Thursday's session, amid a sharp pullback in the USD and lower UST yields.

  • Dips today towards $1747 have been supported today, which also coincides with pullbacks seen in the NY trading session after the post CPI induced bounce subsided.
  • For the week, the precious metal is currently up over 4%, building on last week's gain of 2.25%.
  • From a technical standpoint, resistance is evident around the 200-day EMA ($1756.65). Note on the downside the 100-day EMA comes in at $1718.21.
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