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Moving Sideways At the Start Of The Week

GOLD

Gold tracked higher in the first part of the session before losing some momentum. We got to a high close to $1797, before moving lower. We currently sit around $1793, little changed from NY levels at the end of last week. This leaves the precious metal slightly underperforming USD weakness today (BBDXY -0.20%).

  • Overall, gold continues to respect recent ranges. Support continues to be evident around the $1775 level. Bulls likely need to see a sustained break of $1800 to turn more constructive.
  • ETF gold holdings ticked higher at the end of last week.
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