Gold again on the upswing
Gold almost touched $1300 on Friday earlier than turning decrease after non-farm payrolls and the feedback from Powell.
It is climbing increased once more to start out the week, up $7 to $1292 and rising as excessive as $1295 in the present day.
Gold is overbought on some metrics after a 10% rally prior to now seven weeks however it’s benefitting from falling charges and uncertainty. The market has soured on the US greenback however it’s not precisely certain what to purchase, so gold is getting some love. There’s additionally a robust seasonal tailwind into lunar new yr holidays.
The climb above the 61.eight% retracement of the April-Aug decline is optimistic however it’s not the clearest delineation. There is a cluster of resistance right here beginning at $1300 and up via the late-Might excessive of $1309. If that breaks, it might be a fast return to $1365.