Gold has had a reasonably tight range to start Friday trade ($1956.49 to $1960.85). We sit modestly below session highs in latest dealings, $1958.60. This is near closing levels from Thursday in NY. Thursday's +0.40% gain was the first for this week and came despite a firmer USD backdrop, although the precious metal is still tracking -1.70% down for the week.

• We are tracking for a second consecutive weekly loss in gold, as the Middle East war premium gets unwound.
• In terms of levels, gold remains a long way from the bull trigger at $2009.4 (Oct 27 high) after recent heavy declines.
• Equally though sentiment has still stabilized somewhat in the face of a rebound in US yields. Thursday lows were around the $1945 level, while the 50-day EMA is near $1938.80.