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Largely Holding Friday Losses

GOLD

Gold has largely tracked sideways in the first part of Monday Asia Pac trade, we remain sub $2300. This leaves us holding the bulk of Friday's near 3.5% fall. We ended last Friday losing close to 1.5% for the week.

  • The USD is mostly firmer today, as EUR weakness and yen losses have pushed the BBDXY index up a further 0.20% to 1264.80. EUR weakness is reflected of renewed political concerns following the weekend parliamentary elections. This may be driving some risk aversion in markets, a likely gold support at the margins.
  • From Friday we also had China FX reserves which showed a further reduction in gold buying.
  • Levels wise for gold, a further correction lower could see early May lows near $2277 targeted. Further south is the 100-day EMA close to $2240. Friday highs from last week were near $2387.75. The 50-day EMA rests close to $2313.
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