Commodities
Gold Finds Support at 200-Day EMA Ahead of NFP
Gold has found support around its 200-day EMA as futures positioning strengthens and options traders retain a relatively bullish skew.
The setup keeps the prospect of another push towards 5,000 alive ahead of the NFP. The US dollar rally formed a doji around its 50-day EMA to hint at resistance holding over the near term.
Net-long exposure to gold futures has continued to trend higher, with rising longs and diminishing shorts.
Options traders have significantly reduced their bias towards puts, with risk reversals temporarily flipping back in favour of calls.