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Testing 50-Day EMA On The Downside

GOLD

Gold is off a further 0.40% so far today. The precious metal last around the $1854/55 level. For the week we are tracking lower, -0.55% at this stage, after last week's -3.27% fall. Today's move is line with a stronger USD tone, with the dollar indices tracking +0.15% at this stage.

  • Gold looks a little too low relative to USD strength, but the divergence isn't excessively large at this stage.
  • Still, we currently sit close to the 50-day EMA (1855.5 based of Feb 9 closing levels), which a close below in NY trade later would be a bearish signal from a technical standpoint.
  • ETF gold holdings continue to drift lower.
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