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Consolidates After A Five-Day Rally

GOLD

Gold is slightly higher in the Asia-Pac session, after closing 0.2% higher at $2044.24 on Wednesday.

  • The precious metal briefly eclipsed the $2050 mark, closing in on the yearly high of $2063 after a five-day rally.
  • US Treasuries extended the recent rally, led by the 2-year. US Treasury yields finished 7-9bps lower. This upward movement was underpinned by favourable market data. Softer European CPI inflation data, coupled with a "Goldilocks"-esque adjustment to Q3 US GDP, contributed to a 6bp drop in the US tsy 10-year yield to 4.26%.
  • Fed rate cut bets deepened thanks to the lack of pushback from most Fed officials.
  • The core PCE price index will be released Thursday. It’s forecast to decelerate to 0.1% in October from the previous month.
  • According to MNI’s technicals team, the trend condition in gold unsurprisingly remains bullish and this week’s strong rally reinforces this set-up. The clear break of resistance at $2009.4, the Nov 7 high, has confirmed a resumption of the uptrend and signals scope for an extension towards 2063.0, the May 4 high and a key resistance. Note the all-time high is at $2070.4 (Mar 8 ‘22).
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