The $US (Greenback)

Last week, the Greenback bounced back towards its previous support around the 100 area, where we can see it consolidating through early May. The easy money on the downside is in the rearview mirror, and it could be months before we see another rerating on the downside, but we do believe it will eventually unfold, which is ultimately bullish for gold.

• No change; we can see the Greenback testing 90 in the coming years, with the path the toughest call.