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GOLD: Holding Recent Gains Ahead Of Key US Data

GOLD
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Gold is tracking near $2658.5 in latest dealings, little changed in Thursday trade so far. This is holding Wednesday's +0.50% gain which followed Tuesday's similar rise, which is keeping bullion in a modest uptrend. Wednesday highs were close to $2670, fresh highs since Dec 17 last year. Greater upside focus is likely to rest on a retest of the $2700 level. Downside support has been evident around the 100-day MA, near $2629.5. 

  • Gold has outperformed the elevated USD backdrop, although some slowing in the rise of US yields is likely helping (nominal yields have eased today). A further addition by China its gold reserves is another positive structural factor.
  • The key event risk is likely to rest with Friday's NFP print in the US.  
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Gold is tracking near $2658.5 in latest dealings, little changed in Thursday trade so far. This is holding Wednesday's +0.50% gain which followed Tuesday's similar rise, which is keeping bullion in a modest uptrend. Wednesday highs were close to $2670, fresh highs since Dec 17 last year. Greater upside focus is likely to rest on a retest of the $2700 level. Downside support has been evident around the 100-day MA, near $2629.5. 

  • Gold has outperformed the elevated USD backdrop, although some slowing in the rise of US yields is likely helping (nominal yields have eased today). A further addition by China its gold reserves is another positive structural factor.
  • The key event risk is likely to rest with Friday's NFP print in the US.