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GOLD: Holding Friday Losses, But Above 20 & 50-Day EMA Support Points

GOLD
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Gold is a touch higher in the first part of Monday dealings, last near $2641. This follows Friday's 0.67% loss, amid a generally supported US yield backdrop and caution from Fed officials around the inflation outlook. Bullion is still up from end 2024 levels ($2624.5).  

  • US yields have pushed higher today (+1-2bps firmer), although hasn't weighed materially on gold at this stage.
  • Spot gold is close to the 20 and 50-day EMA support zones, although the 100-day, which sits near $2600, is arguably more important. We tested sub this support zone on a number of occasions through late 2024 but each time the dip was supported.
  • A fresh cycle high in the US 10yr real yield may see gold revisit these lows. On the topside, gold has found selling interest above $2700 since late November.
  • Focus will rest on the FOMC minutes and US NFP print later this week. 
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Gold is a touch higher in the first part of Monday dealings, last near $2641. This follows Friday's 0.67% loss, amid a generally supported US yield backdrop and caution from Fed officials around the inflation outlook. Bullion is still up from end 2024 levels ($2624.5).  

  • US yields have pushed higher today (+1-2bps firmer), although hasn't weighed materially on gold at this stage.
  • Spot gold is close to the 20 and 50-day EMA support zones, although the 100-day, which sits near $2600, is arguably more important. We tested sub this support zone on a number of occasions through late 2024 but each time the dip was supported.
  • A fresh cycle high in the US 10yr real yield may see gold revisit these lows. On the topside, gold has found selling interest above $2700 since late November.
  • Focus will rest on the FOMC minutes and US NFP print later this week.