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Holding Overnight Gains

GOLD

Gold is largely holding onto to gains from the overnight session. The precious metal was last close to $1665, near NY closing levels, after yesterday's +0.69% gain. This comes despite a slight recovery in USD sentiment, although mvoes amongst the majors have been modest

  • An early attempt to push above $1670 met with resistance. Overnight, gains above this level couldn't be sustained either (highs were near $1675). On the downside, dips to the low $1660 level are being supported. Beyond that is earlier lows this week between $1638/$1643.
  • More broadly, a sustained break above $1670 could pave the way for a test of the 50-day simple MA ($1687.26). ETF gold holdings rose for the first time in 5 sessions yesterday as well.
  • Gold bulls may wish to see a further pull back in US real yields though before turning more constructive.
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