GOLD: Sharp Pullback Towards $3,000/oz; Uptrend Still Intact

Sharp pullback in gold spot gold prices over the last 30 minutes, now -1.5% on the session and re-approaching the $3000/oz mark. We haven’t seen an obvious headline trigger for the move, with the broader cross-asset backdrop not suggestive of a positive shift in risk sentiment. Silver is also down 2.7% on the session.

• Despite today’s sell-off, a clear uptrend remains intact and this week’s resumption of the bull cycle, including a push to fresh all-time highs, reinforces current conditions.
• The March 18 low at $2999.5 provides initial support, clearance of which would expose the 20-day EMA at $2953.5.
• Gold has been in demand amid heightened global uncertainty stemming from US trade policies, with fresh demand seen this week on a renewed intensification of Israel/Hamas tensions.
• Demand for physical gold has also been a notable theme Q1 this year (see chart below of Comex Gold inventories, which are at record highs). A reminder that the US January goods trade data was notably skewed by imports of physical gold from Switzerland to the US, possibly related tariff front-running.
• Note that Comex Silver inventories have also increased to record highs.

Figure 1: Comex Gold Inventories