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Support Evident Around $1820 Ahead Of Key US Data

GOLD

Gold is modestly higher so far today, tracking +0.20%, to be back around the $1825.70 region. This would be the first daily gain in the precious metal since the end of last week. At this stage we are still -0.90% lower for the week.

  • Some support is evident sub the $1820 level, which we saw on Thursday's session. This level was also a support point on Feb 17, so is likely to be eyed in the near term, particularly with further key US data out later today (PCE deflator and U. of Mich Sentiment).
  • Gold continues to track broader USD indices closely, while gold ETF holdings remain on a downtrend.
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