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Holding Monday Gains As USD Weakness Continues

GOLD

Bullion hasn't spent too much time outside of the $2350/$2355 range so far today, largely tracking sideways. This keeps us reasonably close to Monday session highs ($2358.55) and holding gains seen from that session (+0.73%).

  • We last tracked near $2351.4, which is close to the 20-day EMA ($2354). Lows from last week rest near $2325.5. Upside focus will remain on recapturing the $2400 handle.
  • Cross asset moves have been supportive in terms of weaker USD backdrop since the start of the week, with the BBDXY down a further 0.15% in the first part of Tuesday trade. US yields also sit off recent highs.
  • These moves haven't translated into further gold gains today, but have likely kept dips supported
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