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Weaker On Thursday But Still Looking At A Weekly Gain

GOLD

Gold is slightly stronger in the Asia-Pac session, after closing 0.6% lower at $2065.61 on Thursday.

  • Bullion’s slide yesterday was driven by a rise in bond yields, some unwinding of haven flows and a firmer dollar. US Treasuries finished 3-5 bps cheaper across the major benchmarks following a poor 7-year US Treasury auction.
  • Despite Thursday’s decline, gold is headed for a weekly gain as investors continue to bet aggressively that the Federal Reserve will start to unwind its restrictive stance on monetary policy in 2024.
  • According to MNI’s technicals team, the Dec 13 reversal in bullion and the subsequent move higher points to the end of the Dec 4 - 13 corrective pullback. This week’s move highlights a bullish theme. Moving average studies are also in a bull-mode position, reflecting an uptrend. A continuation higher has opened $2097.1, 76.4% of the Dec 4 - 13 bear leg. Initial support is at $2031.3, the 20-day EMA.
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