Technicals Continue To Contain Broader Price Action

Gold remains in familiar territory, with spot dealing a touch above $1,790/oz at typing, holding a tight range during Asia-Pac dealing.

• Bullion continues to operate within the confines of well-defined technical parameters. As a reminder, support comes in at the channel base drawn from the Aug 9 low, while key near-term resistance is seen at the Jan 3 high ($1,831.9/oz).
• Friday’s NFP print provides the key risk event during the remainder of the week. Note that a softer than expected round of NFP data would provide the potential for increased volatility (at least intraday), owing to the hawkish repricing (re: the Fed) witnessed since the release of the minutes covering the FOMC’s December meeting.