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XAU/CHF On Track for Best March on Record

GOLD
  • Modest USD weakness so far Tuesday (recall most sell-side models pointed to USD sales into March month-end) has worked in favour of spot gold - narrowing in on the cycle and all time high at 2220.89 printed last week. Further strength for gold may follow another bout of USD weakness this week, bringing next resistance at 2230.1 into play, the 1.50 projection off the Oct 6 - 27 - Nov 13 price swing.
  • Given the currency weakness in Switzerland following the surprise SNB rate cut last week, gold in CHF terms has touched a new alltime high Tuesday (1982.66) and marking a near 10% gain month-to-date - ranking as the best March for Gold/CHF on record and the 7th best monthly return since the year 2000.
  • Outside of the fading USD today - gold strength coincides with building easing expectations across G10 - while fraught geopolitics in the Middle-east and Russia also favour precious metals.
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