Bullion has consolidated Thursday’s gains during the final Asia-Pac session of the week, last dealing little changed, just above the $1,990/oz mark. Spot once again failed to consolidate above $2,000/oz on Thursday, after drawing support from shifts in market pricing which pointed to deeper Fed cuts through late ‘23/early ’24. Still, gold managed to register the highest daily close since March of last year.

• Technically, trend conditions in gold remain bullish. The breach of former resistance at the Feb 2 high confirmed a resumption of the bull trend that started in late September ‘22. The recent forays above $2,000/oz open the way to $2,034.0/oz (a Fibonacci projection), which represents the next meaningful area of technical resistance.
• Known ETF holdings of gold continue to tick away from cycle lows, with the well-documented worry re: the global banking sector and associated repricing in the outlook for interest rates across the major global central banks in the driving seat there.
• Looking ahead, U.S. durable goods orders and flash S&P global PMIs present the headline data points ahead of the weekend, while comments from St. Louis Fed President Bullard are also due.