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Tracking Lower For The Week

GOLD

Gold tried to go higher at the start of the session, but couldn't sustain gains near $1935. We last close to $1922, with lows for the session coming around $1920. This is -0.4% and comes after Thursday's -0.87% dip. If sustained this would leave gold tracking at a loss for the week of 0.22%, which is modest but would be the first weekly lost since the first half of December.

  • While USD indices remain close to recent lows, the gold trend appears to be consolidating somewhat, as we are now some distance below earlier highs in the week near $1950.
  • Dips sub $1920 have been supported, while below that is the $1900 little.
  • Next week's Fed meeting may also be bringing some cautiousness into the market.
  • ETF gold holdings have actually started to track higher in recent sessions, but the move up is modest so far.
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