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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.
GOLD
Gold is up modestly versus NY closing levels. The precious metal was last at $1655.70, +0.15% for the session, despite the USD finding some stability (BBDXY +0.10%).
- Today's resilience in gold may reflect some catch up with overnight USD weakness. On a short term chart basis, gold should be at higher levels based off the dollar correction overnight. Still, the disconnect is not large by historical standards, see the chart below (note the BBDXY is inverted on the chart).
- Flows may be benefiting higher beta risk assets as well, with regional equities doing better today, led by China/HK.
- Gold remains comfortably within recent ranges, with recent highs between $1660/1670 still intact. Further downside in US real yields should help keep dips to $1640 supported though.
Fig 1: Gold & BBDXY (Inverted) Trends
Source: MNI - Market News/Bloomberg
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.
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