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Steady After Strong Gains On Tuesday

GOLD

Gold is little changed in the Asia-Pac session, after closing +1.0% at $1998.29 on Tuesday, pulling back off highs of $2007.61 with some intraday strengthening in the USD index.

  • This was the first time bullion had cleared $2,000/oz in spot trade since late October.
  • The precious metal is up around 3% since the beginning of last week, buoyed by falling Treasury yields and a sharp drop in the dollar.
  • Technically, well-defined parameters remain in play and bulls remain in control at present, according to MNI’s technical team.
  • A stronger resumption of gains would open $2,022.20/oz (the May 15 high). The bull trigger at $2,009.4/oz (the Oct 27 high) provides initial resistance ahead of there.
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