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Ticks Up, But Remains Within Wednesday Ranges

GOLD

Gold sits slightly above end NY levels from Wednesday, last near $2313.5. This puts us close to +0.2% firmer for the session so far, but we remain comfortably within recent ranges.

  • Today has seen a further tick higher in US yields, with the benchmarks 1-2bps firmer. We saw some USD strength earlier but no follow through, the better China/HK equity tone, and firmer China import data, providing some support to higher beta currencies.
  • Gold is just under the 20-day EMA, (near $2314). The May 3 low at $2277.4 remains a potential downside target. Late April highs sit back near $2352.6.

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