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Holding Near Recent Highs

GOLD

Gold is holding near recent highs, last close to $1771, down slightly on NY closing levels ($1771.40). Upside impetus has been curbed to a degree by slightly firmer USD levels, although this is mostly evident against JPY at this stage.

  • The precious metal has had very modest changes in recent sessions, largely sticking to a $1750/$1775 range, although the bias appears more to the upside rather than the downside.
  • Gold continues to outperform US real yields, but is generally moving in line with USD momentum from a trend standpoint.
  • Note we are already through the 200-day EMA ($1760.05), but the simple 200-day MA comes in at $1803.90, which like remains an upside target for bulls.
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