MNI China Daily Summary: Wednesday, January 8

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GOLD: Holding Within Recent Ranges, Simple 100-day Support Zone Intact

GOLD
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Gold is a touch higher in the first part of Tuesday trade. Bullion was last near $2640, up a touch for the session, but remaining well within Monday's intra-session ranges. Dips sub the simple 100-day MA (last near $2626) have been supported in recent months. This is helping keep a modest uptrend in play, but Nov/Dec highs from 2024, above $2700 are still some distance away.

  • Cross asset trends have been mixed so far today, with the aggregate USD indices little changed, while US yields are down a touch. Regional equities are mostly higher outside of a Hong Kong drop.
  • Onshore China media has highlighted analysts stating that central bank allocation to gold is likely to continue in 2025 (per CSJ, see this BBG link). This has been a key source of support for bullion in recent years. 
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Gold is a touch higher in the first part of Tuesday trade. Bullion was last near $2640, up a touch for the session, but remaining well within Monday's intra-session ranges. Dips sub the simple 100-day MA (last near $2626) have been supported in recent months. This is helping keep a modest uptrend in play, but Nov/Dec highs from 2024, above $2700 are still some distance away.

  • Cross asset trends have been mixed so far today, with the aggregate USD indices little changed, while US yields are down a touch. Regional equities are mostly higher outside of a Hong Kong drop.
  • Onshore China media has highlighted analysts stating that central bank allocation to gold is likely to continue in 2025 (per CSJ, see this BBG link). This has been a key source of support for bullion in recent years.