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Gold moves beyond $1900 mark, over one-week tops

 

Article by Haresh Menghani in FXSTREET

• A weaker USD assisted gold to regain positive traction on Thursday.
• The risk-on mood, surging US bond yields might cap any strong gains.
• Investors might also refrain from placing bets ahead of NFP on Friday.

 

Gold extended its steady intraday positive move and shot to over one-week tops – levels beyond the key $1900 barrier – during the early North American session.

The regained positive traction on Thursday and built on this week’s goodish rebound from 100-day SMA support, around the $1849-48 region. The uptick marked the third day of a positive move in the previous four and was sponsored by a softer tone surrounding the US dollar, which tends to underpin demand for the dollar-denominated commodity.

The USD remained depressed and failed to gain any respite from mostly upbeat US macro data, showing that Initial Weekly Jobless Claims fell more than anticipated to 837K from 873K previous. Separately, the Core PCE Price Index and Personal Spending data also bettered expectations, negating a slight disappointment from the Personal Income figures.

To read this article in FXSTREET in its entirety, click here.

 

 

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