gold every day
Gold is off to a strong start to the year, rising another $19 today to $2668.
Gold has been able to make progress despite a relatively stronger US dollar and rising Treasury yields. That trend will be challenged again today with the US Treasury selling 30-year bonds at 1pm ET.
Chinese claims appear to be helping to maintain the gains in gold. Yesterday, the PBOC revealed that it bought gold for the second consecutive month. Chinese investors may also be turning to gold with Chinese shares falling 4% to start the year with limited options in bonds and real estate.
Seasonally, gold is usually strong at the start of the calendar and during the lunar new year, which is on January 29 this year, with holidays running through February 4.
Technically, the break above the January high opens the way for a return to $2700 but the main obstacle could be the strength of the US dollar. A big feature on that to end the week is Friday's non-farm payrolls report.
