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On Track For First Weekly Loss Since End October

GOLD

Gold is tracking higher for the first time since Tuesday, after dropping over 1% through the middle part of this week. The precious metal was last close to $1764, still on track for a modest weekly loss, which would be the first since late October.

  • We are currently +0.20% higher from NY closing levels, which is in line with pull back in USD sentiment, the BBDXY is down 0.2% so far for the session.
  • Note the 200-day EMA comes in at $1760.4 level, which could act as a support point. We broke through this level overnight but managed to close higher (lows were just under $1755).
  • US yields are holding close to overnight highs, which may limit gold's upside in the near term. Highs for the week sit around the $1785 region.

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