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Steady Ahead Of US NFP

GOLD

Gold has largely tracked sideways in the first part of Friday trade ahead the US non-farm payrolls print. We currently sit close to $2050, little change versus Thursday closing levels, with a $2045.56 to $2053 range so far today. Recent highs come in around the $2060 region. On the downside, the 20-day EMA sits back closer to $2000.

  • Gold has benefited from the weaker USD tone today, not fazed by the firmer US equity futures backdrop. The BBDXY is at fresh week to date lows sub 1220.
  • For the week gold is up an impressive 3%, as global recession fears are still apparent. Gold ETF holdings are a touch below recent highs.

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