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GOLD: Positive Trend Maintained, Up Over 1% This Past Week

GOLD
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Gold is trading with a positive bias, as it has for much of the past week. We were last near $2673.5, up a further 0.25%, tracking firmer for the fourth straight session. We are comfortably higher versus end levels from last week, +1.30%. 

  • Intra-session highs from Thursday were at $2678.45, while broader upside focus is likely to rest on a re-test of $2700. The 100-day MA support zone remains a watch point, this level currently just above $2631.
  • Gold is outperforming the resilient USD/US yield backdrop for the past week, but this has been a theme for a while. Asset allocation flows, particularly from central banks, an on-going support point.
  • The upcoming NFP print will be a key focus point from a cross asset standpoint.  
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Gold is trading with a positive bias, as it has for much of the past week. We were last near $2673.5, up a further 0.25%, tracking firmer for the fourth straight session. We are comfortably higher versus end levels from last week, +1.30%. 

  • Intra-session highs from Thursday were at $2678.45, while broader upside focus is likely to rest on a re-test of $2700. The 100-day MA support zone remains a watch point, this level currently just above $2631.
  • Gold is outperforming the resilient USD/US yield backdrop for the past week, but this has been a theme for a while. Asset allocation flows, particularly from central banks, an on-going support point.
  • The upcoming NFP print will be a key focus point from a cross asset standpoint.