MNI INTERVIEW: Fed QT Likely To Linger After Rate Cuts Start

MNI BRIEF: BOE Markets Head Sees Wider Collateral, More Repos

MNI PBOC WATCH: PBOC Cuts 7-Day Rate As Reconfigures Framework

MNI China Daily Summary: Monday, July 22

MNI BRIEF: PBOC Lowers Ceiling of Its Interest Corridor

MNI: PBOC Sets Yuan Parity Higher At 7.1335 Mon; -1.18% Y/Y

EZ/UK Bond Supply Calendar: UK, Germany Auction on Tuesday

CBRT Data Watch

NBH Data Watch

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Back From One-Week Highs; Powell’s Keynote Eyed

GOLD

Gold operates ~$3/oz weaker to print ~$1,755/oz, extending a pullback from one-week highs ($1,765.5/oz) made on Thursday.

  • To recap, gold backed away from best levels amidst remarks from Kansas City Fed Pres George (voter) re: the Fed holding rates above 4%, with the move lower aided by a limited recovery in the USD (DXY), seeing gold ultimately end ~$7 firmer for a third consecutive higher daily close.
  • The precious metal is on track to close a little higher for the week, holding on to the bulk of last week’s ~$55 decline ahead of the freshly-commenced Jackson Hole Symposium.
  • The conference will provide the key risk event for gold, with focus centred on Fed Chair Powell’s keynote address later on Friday, coming as Sep FOMC dated OIS have priced in roughly even odds of a 50bp vs. 75bp rate hike at that meeting over the past week.
  • From a technical perspective, gold has broken initial resistance at ~$1,762.2/oz (20-Day EMA), exposing further resistance at ~$1,777.2/oz (50-Day EMA). On the other hand, initial support is situated at $1,727.8/oz (Aug 22 low).
Energy BulletsCommodities
Energy BulletsCommodities

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.