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Gold Price Advance As USD Softens

GOLD

Gold prices are higher during APAC trading today after falling overnight. They are 0.4% higher than the NY close and are now around $1744.50/oz. After reaching a low of $1737.53 early in the session, prices rose to a high of $1745.08. Bullion has been helped by a slightly weaker USD with DXY down 0.25%.

  • The short-term trend for gold remains bullish and any pullback in prices is considered corrective. $1786.50 is the bull trigger with $1800 the level to watch and key resistance at $1807.90, the August 10 high. Initial support is at $1702.30, the November 9 low.
  • Central bank purchases of gold are at record highs and the IMF reported that Kazakhstan, the UAE, India and Cambodia all increased their gold reserves in October. (bbg)
  • There is little economic data tonight but there is some Fed speak and any further hawkish comments or suggestions of a 75bp move at the December meeting would weigh on gold prices.
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