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Free AccessRecovers Some Ground
Gold has recovered some ground following the 2.8% drop to start the week. We are back at $1826, around 0.35% higher than NY close under $1820.
- The weaker USD trend has likely aided gold's rebound today. The DXY has edged back below 105.00 as the session has progressed.
- Regional equities have also been downbeat, likely aiding demand from a safe haven standpoint. However, US equity futures have firmed, back above 1% for both the S&P and Nasdaq at the time of writing, following strong sell-offs in recent sessions.
- US yields remain firm, particularly at the front end, although the 2/10s curve has inverted, which can also be construed as a negative risk signal and therefore supportive of gold.
- US real yields have surged back to 2019 highs though, with a number of banks now expecting a 75bps hike from the Fed this week.
- Arguably we should struggle to get ahead of the 200 MA, which comes in at $1843.3, ahead of the FOMC this week. The mid-May low of just below $1800 may come into play on further USD strength.
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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.