November 21, 2023 04:07 GMT
Buoyed By A Softer USD & Lower Longer-Dated US Tsy Yields
GOLD
Gold is 0.8% higher in the Asia-Pac session, after closing 0.1% lower at $1978.07 on Monday.
- Bullion has been supported by a lower USD index and a US Treasury curve that finished Monday's NY session with a twist-flattening of the curve, pivoting at the 5s. US yields finished 3bps higher to 2bps lower. The 20-year finished 2.2bps richer after supply saw better than expected demand metrics.
- Today’s strength in the yellow metal has also been boosted an extension of yesterday’s rally in longer-dated US Treasuries during today’s Asia-Pac session. Cash US tsys are flat to 3bps richer, with the curve flatter.
- After last week’s strong gains, there is some way until support at $1943.1 (50-day EMA) whilst resistance is seen at $2009.4. (Nov 7 high), according to MNI’s technicals team.
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