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Set To Post A Weekly Gain

GOLD

Gold tracks just below the $1840 level, which is just shy of highs for the week. We are up 0.15% for the session so far, and tracking +1.5% higher for the week, the first since the second week of Feb. This looks outsized relative to the ~0.3% pullback int he DXY this week, although gold sold off more than implied by USD trends in Feb, so this may reflect some pay back.

  • In terms of levels, the 20 and 50-day EMAs sit around the $1845/46 level, while the 100-day EMA sits on the downside around $1821.
  • Gold ETF holdings have drifted lower, after blipping higher at the end of Feb. Note China's FX reserves data prints next Tuesday, which will give an update on the country's gold holdings from an official standpoint.
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