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OCBC’s Sim Moh Siong and Christopher Wong note Gold has retained most recent gains after breaking key resistance, supported by lower Oil, softer yields, central bank and ETF buying and technical factors. Momentum has eased as rebounding Oil revives inflation concerns and lifts US Treasury yields, with Friday’s US payrolls seen as the next test for whether the Gold rally can extend further.
Bullish structure faces data test
“Gold retained most of its recent gains, although momentum eased as the rebound in oil revived inflation concerns and pushed US Treasury yields higher.”
“The earlier rally was helped by lower oil prices, pullback in yields, USD, news of central bank, ETF purchases and technical buying after prices broke above key resistance.”
“Tonight’s payrolls report is the next test. A weaker print could reinforce the recent move by further reducing Fed hike expectations, while a firmer outcome may prompt some profittaking after the sharp rally.”
“Daily momentum is mildly bullish but rise in RSI moderated. Resistance at 4333 (23.6% fibo retracement of 2026 high to low), 4389 (100 DMA).”
“Support at 4180 (50 DMA), 4082 (21 DMA).”
