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Tracking Sideways, Up For The Week, But Resistance Still Evident Above $2000

GOLD

Gold has largely drifted sideways in the first part of Friday dealing. The precious metal was last near $1992, little changed from Thursday closing levels. We sit higher for the week at this stage ($1980.82 last week's closing level), but Gold has been within fairly tight ranges over recent sessions.

  • Resistance is evident on moves above $2000. The bull trigger at $2009.4 (Nov 7/Oct 27 high) having come close in earlier sessions this week.
  • Dips sub $1990 have been supported on the downside. Note the 20-day EMA sits back near $1973.
  • The firmer core yield backdrop hasn't impacted sentiment much, although the USD is only marginally above recent lows, a gold support point in the past week.
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