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Pares Wednesday Losses On USD Weakness

GOLD

Gold is tracking higher in the first part of Thursday trade. The precious metal currently sits near $2037, clos to session highs. This puts us +0.30% firmer versus end Wednesday levels in NY, not quite unwinding the -0.44% pull back for that session.

  • The gold rebound is in line with weaker USD trends against the majors. The BBDXY is off close to 0.2% at this stage, unwinding part of Wednesday's risk induced bounce.
  • We are sub highs above $2045 this week, while resistance at $2054.3 (50% retrace of Dec 4-13 bear leg) or support at $1973.2 (Dec 13 low), remain comfortably in tact.

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