MNI China Daily Summary: Monday, January 13

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GOLD: Uptrend Continues, Equity Vol Offsetting Higher USD/Yields

GOLD
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After getting close to $2700 on Friday, gold sits slightly lower in the first part of Monday trade. We were last sub $2690, off modestly versus end NY levels from Friday. Still, we remain very much in buy the dip mode, with the firmer US yield/USD backdrop post NFP on Friday not upsetting the recent uptrend in bullion. Last week's +1.88% gain was the best since late Nov last year. 

  • Working in gold's favor has been more risk aversion emanating from equity markets. US futures continue to track lower in Monday trade so far, down 0.44% for Eminis and 0.60% for Nasdaq futures. The US VIX index tested above 20% on Friday as well.
  • A clean break above $2700 could see mid Dec 2024 highs above $2726 targeted. 
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After getting close to $2700 on Friday, gold sits slightly lower in the first part of Monday trade. We were last sub $2690, off modestly versus end NY levels from Friday. Still, we remain very much in buy the dip mode, with the firmer US yield/USD backdrop post NFP on Friday not upsetting the recent uptrend in bullion. Last week's +1.88% gain was the best since late Nov last year. 

  • Working in gold's favor has been more risk aversion emanating from equity markets. US futures continue to track lower in Monday trade so far, down 0.44% for Eminis and 0.60% for Nasdaq futures. The US VIX index tested above 20% on Friday as well.
  • A clean break above $2700 could see mid Dec 2024 highs above $2726 targeted.