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Rebounds As USD Falters


Gold is sitting slightly higher compared to NY closing levels, last around $1670 (+0.20-0.25% for the session so far). Earlier in the session we dipped to just under $1660, but rebounded amidst broad based USD weakness.

  • Gold continues to follow broader USD sentiment, albeit with a lower beta compared to some other asset classes. The DXY is only down slightly from NY closing levels at this stage.
  • Higher beta assets like equities and AUD, NZD and NOK are all enjoying firmer gains at this stage.
  • From a level’s standpoint, dips sub $1645 were supported overnight (post the CPI print), while we couldn't sustain a move above the $1680 level.
  • Longer term we still have late September lows just under $1620, while the 50-day MA (currently $1711.63) has provided resistance on the topside in recent months.

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