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Tracking Higher Amid Broad Based USD Weakness


Gold has tracked higher today, last around $1796.50, +0.40% for the session and on track for its 4th straight session of gains. This puts us close to flat in terms of weekly returns (last week saw a 2.43% gain).

  • The USD has weakened against all the majors and EM Asia FX, while lower nominal US cash Tsy yields have also likely aided gold at the margin.
  • The simple 200-day MA comes in at 1792.37, while dips below $1770 have been supported this week. On the topside, earlier highs in the week come in around $1810.
  • Gold ETF holdings have stabilized after a dip in holdings at the start of the month.

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