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Bullish Engulfing Reversal Still In Play


Will The CHF Strength Drag Down Swiss CPI?


Short-Term Outlook Remains Bullish


Rabobank Launched

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To recap, the widening of U.S. breakevens outstripped movements in nominal yields on Monday (with the Tsy curve seeing some light twist steepening), resulting in a downtick for our weighted U.S. real yield monitor, ultimately supporting gold prices, with spot closing above $1,800/oz. The risk positive price action surrounding the recently revealed Yellen-Liu call (with both the ensuing market reaction and details re: the call proving to be limited) and post-earnings dynamics surrounding tech giant Facebook have applied some light pressure, but spot hasn't really tested the $1,800/oz, printing a touch above the round number, a handful of dollars softer on the day. The technical backdrop remains as it was this time yesterday.