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Hold Close To $2050, Comfortably Higher For The Week

GOLD

Gold has maintained a positive tone through the first part of Friday trade, despite a modest recovery in USD sentiment. The precious metal was last near $2049.6, slightly above Thursday closing levels. At this stage we are tracking +1.50% higher for the week.

  • This is line with broader USD losses over this period (despite today's stabilization).
  • The technical picture looks positive, with recent highs resting at $2055, which is above the 50% retracement of the Dec 4-13 bear leg. The 61.8% retracement rests near $2073.4.
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