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Gold Sees Further Support as Markets Anticipate China Buying

COMMODITIES
  • WTI and Brent crude futures both trade moderately higher pre-NY hours, with a softer greenback and firmer equity outlook largely responsible. Geopolitical tensions continue to simmer, with Iran confirming this morning the enrichment of uranium closer to the levels needed for weaponization - a move likely to raise ire among international counterparts looking to revive the 2015 nuclear agreement.
  • Having started the session well, spot gold saw some further support ahead of NY hours on the back of a Reuters report raising speculation that Chinese buyers could wade into the precious metals market in the coming months.
  • Reuters sources cited a decision from Chinese authorities to allow domestic and international banks to import "large" amounts of gold into the country in the coming months. Strength Friday opens $1784.8 resistance, marking 38.2% retracement of the Jan 6 - Mar 8 sell-off.
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