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$1,850/oz Eyed; Rise In Dollar, Real Yields Cap Gains

GOLD

Gold is $1/oz worse off, printing $1,845/oz at typing. The precious metal operates a little off Wednesday’s best levels ($1,849.98/oz), having traded on either side of neutral levels in fairly directionless Asia-Pac dealing, facilitated by light macro headline flow.

  • To recap Wednesday’s price action, gold caught a bid after hitting two-week lows earlier in that session (at $1,828.6/oz), ultimately closing ~$9/oz higher on the day after failing to rise above the $1,850/oz handle amidst an uptick in the USD (DXY) and U.S. real yields.
  • A round of comments from the Fed’s Daly and Bullard on Wednesday voicing support for 50bp hikes come the June FOMC saw little reaction in gold and U.S. real yields, although Fed-dated OIS pricing now points to a Fed Funds rate of ~2.94% after the Dec FOMC, compared to ~2.64% at the end of last week.
  • Looking ahead, the NY Fed’s Logan (‘23 voter) and the Cleveland Fed’s Mester (voter) will speak later on Thursday at 17:00 and 18:00 respectively, noting that the former will be making closing remarks at an event on MonPol implementation and digital innovation.
  • Looking to technical levels, previously identified support and resistance levels remain intact, at $1,807.5/oz (May 18 low) and $1,869.7/oz (May 24 high) respectively.
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