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Recoups Some Losses, Still Tracking Higher For The Week

GOLD

Gold has recovered from Thursday session lows around $1825, last tracking near $1840. This is close to +0.40% for the session and despite yesterday's ~1.20% loss, we are still tracking higher for the week (+0.85% at this stage). Today's gains are in line with a modest pullback in USD sentiment, while US yields are away from earlier highs.

  • The technical set up is still positive for gold, although we are unlikely to test earlier highs from the week ($1860/65) ahead of the US non-farm payrolls print due later. On the downside, outside of Thursday's low at $1825, note the 20-day EMA comes in at $1810.26.
  • ETF gold holdings have nudged a little higher, but aren't showing a definitive trend move higher in line with spot at this stage.
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