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Greenback Weakness Prompts Gold To Extend Session Gains To 1.00%

GOLD
  • The latest round of USD selling has seen spot gold extend gains to over 1% on the session, to the highest level since January 03. Our tech team highlight that despite the recent bearish threat across mid-January, sustained clearance of 2062.3, the Jan 12 high, is required to signal a reversal. This would initially expose $2088.5, the Dec 28 high. Above here, markets would focus on $2097.10, a Fibonacci retracement.
    • The miss in the jobs data “helped the market see through yesterday’s hawkish Powell comments in hopes of an earlier-than-expected rate cut,” said Nicky Shiels, head of metals strategy at Geneva-based MKS PAMP SA. (BBG)
    • Elsewhere, TD Securities noted that macro traders in gold are historically underinvested for a cutting cycle. “In fact, our estimates of discretionary trader positioning points to notable short acquisitions over the last weeks, which could suggest that macro traders have been caught in a bear trap following the slew of hot data releases. This sets the stage for substantial outperformance in the yellow metal on the horizon, and our simulations of future price action suggest that imminent CTA buying activity could potentially kick off the start of a pain trade for macro traders.”
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