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Tracking Lower For The Week, Although Payrolls Still To Come

GOLD

Gold has consolidated today after Thursday's sharp near 2% pull back. After closing in NY just under $1913, we last tracked around $1915. At this stage we are tracking lower for the week (last Friday's close was $1928.04), despite the Fed outcome mid week.

  • The near term technical set up is not great, with such a sharp reversal from Thursday's fresh cycle highs around $1960. Still, support should be evident around the $1900 level.
  • Gold continues to track broader USD trends as well. So, we may see range trading ahead of the US non-farm payrolls report later.
  • Gold ETF holdings remain close to recent lows.
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