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Holding Above $2000, Flat Versus Levels A Week Ago

GOLD

Gold has drifted a little lower through the course of today's session. We were last near $2002, down 0.15% for the session and only reversing part of Thursday's 0.50% gain. This is consistent with a slightly firmer USD backdrop (ex JPY). The weaker tone to regional equities hasn't aided safe haven demand, although moves in US futures and yields have been more muted.

  • We got above $2010 post the Asia close on Thursday, an +$40 rebound from Wednesday session lows. Still, gold is currently tracking close to flat for the week.
  • In terms of levels, recent highs come in between $2010/$2015, while on the downside, the 20-day EMA comes in just under $1989.
  • Gold ETF holdings have flatlined somewhat over the past week.
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