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Third Straight Week Of Gains, ETF Holdings Trending Higher Again

GOLD

Gold is closing in on previous resistance points, with the precious metals last near $1930. Moves above this level were not sustained through Wednesday and Thursday of this week (highs near $1937.50). Still, we are still up close to 0.50% for today's session, slightly outperforming the broad USD indices (BBDXY -0.30%). For the week, gold is up just over 3.2%, which is the third straight week of gains.

  • Gold has run ahead of USD weakness in this latest surge higher. This is likely to reflect renewed safe haven demand for the metal given the jitters in global banking stocks this week.
  • Note that gold ETF holdings are trending higher again after reaching a trough point last Friday.
  • A clean break above the $1933/37 region will likely have bulls targeting earlier YTD highs above $1950. Note the simple 50-day MA sits back at $1877.

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